Featured Coinbase Cryptocurrency Patent – Checkout and payment – US10050779

U.S. Patent 10050779 was awarded to Coinbase, Inc. on 2018-08-14 and describes a “Checkout and payment.” Coinbase is an American publicly traded company that operates a cryptocurrency exchange platform. This blockchain patent has been cited 25 times by other U.S. patents according to our law firm research, and can be considered an innovative patent in the field of cryptocurrency and blockchain. The abstract states:

A key ceremony application creates bundles for custodians encrypted with their passphrases. Each bundle includes master key share. The master key shares are combined to store an operational master key. The operational master key is used for private key encryption during a checkout process. The operational private key is used for private key decryption for transaction signing in a payment process. The bundles further include TLS keys for authenticated requests to create an API key for a web application to communicate with a service and to unfreeze the system after it has been frozen by an administrator. Link to Full Patent

This patent was originally filed on 2017-12-11 which gives it an average processing time in the field. Coinbase, Inc. has 20 total patents. The first named inventor is Andrew E. Alness of Santa Cruz, CA. The primary examiner was Gary S Gracia. Coinbase was founded in June 2012 by Brian Armstrong.

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