This patent application was actually filed for the first time as early as March 2015, and was not officially granted by the United States Patent and Trademark Office (USPTO) until December 17, 2019. This technology enables users to make bitcoin payments using an email address bound to a wallet address without paying transaction fees.
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Zero fee convenience
As indicated by the abstract of this invention patent, an email address is used as an identifier for the wallet address of a user within the system. This method combines the Bitcoin wallet creation and management module with the corresponding email module on a given host system:
Invention patent chart, source: USPTO
As outlined in the patent, this invention includes the creation of a vault (which can be a personal or corporate vault) in which unclaimed bitcoin is stored, ostensibly for increased security:
"The system provides hot wallet functions that, for security purposes, transfer the value of certain Bitcoin addresses to a vault. A private key of a Bitcoin address in this vault is split and distributed to ensure safekeeping Security of the library. The vault has multiple email addresses to authorize the transfer of Bitcoin from the library. "
After requesting the removal of Bitcoin from the vault, a confirmation link will be emailed to the user, usually valid for 48 hours.
In most cases, a transfer request between an email address and its associated wallet in the system does not imply a miner fee, as the mechanism is nested in a single host computer system.
In addition to these features, the proposed network will also include a node hosting Bitcoin exchanges where users can trade their Bitcoins as fiat money.
It also provides an instant exchange mechanism that allows merchants and customers to "lock" the local currency price of their cryptocurrencies to mitigate exchange rate losses.
Crypto Twitterers are not convinced
Although the appeal of a simplified email-based bitcoin payment system is obvious, news about the patent to date has been ambiguous in the Twitter crypto community. One user "@Maiirye" replied:
"I know we are already conducting KYC / AML transactions with exchanges, and linking a wallet to an email address will bring us closer to" non-anonymous "transactions. This patent and the" treasury "for holding unclaimed coins will Bitcoin's transfer centralization … this is not right for me. "
However, the email system appears to be in line with Armstrong's established ambitions for the Coinbase roadmap; in an interview this summer, he stated that he was not only seeking development in the field of trade services but also promoting the widespread adoption of cryptocurrencies in the global economy.