Winklevoss twins target new patent for crypto storage

Posted 06 September, 2018

The owners of the crypto exchange Gemini, the twins Winklevoss have reportedly filed a patent application for systems and methods for securely storing digital assets.

The document was released by the US Patent and Trademarks Office this week. According to the available information, Cameron and Tyler Winklevoss strive to register the new method which will help to generate numerous digital asset accounts with private keys. Thus, this system will boost the security of crypto storing.

"At least one of the one or more private keys corresponding to each digital asset account may be divided into a plurality of private key segments and written to a card along with the respective reference identifier to create sets of collated cards, wherein each set comprises cards corresponding to different private keys," the application reads.

It is stated that the multi-signature private keys may be kept as backups, and can be used only if easy-to-access ones have been lost. 

The new system is said to be applied to the major coins (bitcoin, Ethereum, Litecoin and XRP) as well as other altcoins.

For reference, the Winklevoss twins successfully got a patent for a crypto-based trading system and one more patent was granted for the crypto transaction encryption that boosts protection of such payments.

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06 September, 2018 16:08

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