Coinbase, US-based cryptocurrency market has finally announced about launching a Bitcoin payment portal.
According to the patent published on 14 August by the US Patent & Trademark Office (USPTO), Coinbase is seeking to design a payment gateway aimed to help users purchase Bitcoin straight from their virtual wallets. The patent claims that,
“It might be a safety concern for consumers who the private keys of the bitcoin addresses might be stolen in their own pockets”
It also adds that the present systems aren’t secure enough for keeping security over personal keys while enabling consumers to checkout. Here are the exact words,
“Present systems don’t supply a solution for keeping security over personal keys while still enabling the consumers to checkout to a retailer site and making payments with their pockets. “
A “key service” to be incorporated
The coming system will include a “key service “, whose purpose is to create key stocks which are combined with an”operational master crucial ” encoded with customers’ 24-word passphrases. The keys are easily removed as soon as they’ve been made public.
You’ll want the operational master essential during the checkout and to confirm that the trade. This is a security measure that automatically stops any trade once the capital’ owner decides to not continue it.
“At any given time following the master key is loaded, the machine could be suspended. The machine can be unfrozen once it’s been frozen utilizing keys in the important service. The checkout procedure can be completed whenever the system is suspended and once the system is unfrozen. The payment procedure can simply be carried out as soon as the system is unfrozen.”
Other programs will have the ability to produce their own interpretation of this payment gateway, as the first one is going to incorporate an API key.
Earlier this month, the cryptocurrency marketplace giant announced Coinbase Commerce WordPress plugin which would allow online websites to accept cryptocurrency payments. With this announcement, Coinbase plans is planning to come up with a payment gateway which would allow users to make purchases using Bitcoin.
Earlier this week, it also added Ethereum Classic to all consumers which was previously only available to Coinbase Prime and Pro customers. After the addition, the prices of ETC have increased by a considerate percentage even after a bearish market trend in the cryptocurrency market. This week seems to have been a productive one for the marketplace.
