PayPal patented a way to speed up the transactions

The method assumes peers to neglect the approval time on the blockchain
05 March 2018   1006

Last week on March, 1 US Patent and Trademark Office published a peculiar patent application. The application was filed by PayPal and proposed a rather unorthodox way of virtual currency exchange process. Traditionally, peers seal the deal, make a transaction and wait for it to be included in the next block of a network. This usually results in relatively long waiting time until peers can actually get the cryptocurrency.

Now, PayPal suggests creating secondary wallets along with the primary ones by each user. As these secondary wallets have their own private keys assigned, PayPal proposes swapping these private keys between peers instead of submitting a transaction and waiting for the inclusion. The wallets would come with a predefined amount of the cryptocurrency. The swapping process will happen 'behind-the-scenes' and be performed by the system.

This idea is notable because although it eliminates lag in the payment process by the order of magnitude, it seems to eliminate the blockchain transparency component along. Starting from 2014, with establishing key partnerships with several bitcoin payment processors PayPal merchants got the chance to accept cryptocurrency. Also, it was reported that the co-founder of PayPal, Peter Thiel made a big investment in Bitcoin.

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   46

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 

Craig Wright


Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.