A new security system for cryptocurrency wallets is coming soon

A new security system for cryptocurrency wallets is coming soon

One of the most popular banks in the United States, located in North Carolina, filed an application with the US Patent and Trademark Office last winter. By the way, it was called “Multi-level protection of digital wallets”. The USPTO recently published this application online. It is noteworthy that M. Kuryan, who is a senior engineer at this organization, was mentioned as the founder.

This document deals with cryptocurrency processing. It also has a multi-level wallet interface in a decentralized peer-to-peer network. As you know, there is now an innovation for users. Thus, you need to type your password 2 times. The first of them will open one level of the wallet, and the second will open the next.

The organization has filed 36 patent applications. It turns out that there is an explanation in the help section. It says that there is a need for a modernized crypto wallet infrastructure. Why? In fact, private keys can be lost, and 3rd parties will not allow users to fully control their assets.

The main method of increasing security, this application shows exactly the multi-level arrangement. For example:

“With the help of the crypto wallet interface, you can divide the stocks of “digital gold” into several differentiated compartments. In other words, into several storage levels. All of them will be separately protected by a strong password. In addition, access will be granted only to the amount of cryptocurrency reserves specified by the miner.”

Today, the American bank has already filed a significant number of patent applications to create a new blockchain technology. As it became known, 31 out of 36 are currently being considered by the relevant authorities.