Square, the financial services and mobile payments company run by Twitter CEO Jack Dorsey, has received a new patent of sizable importance for the cryptocurrency sector. Square's new patent is able to convert titular money into cryptocurrencies in real time. Of course, although this has already been done by many stock markets or institutions, the difference for Square is that it can be done on PoS devices.
The patent, issued by the U.S. Patent Office on January 21, can make it possible to make expenses in daily life, especially with cryptocurrencies. This is one of the biggest obstacles to the widespread adoption of all cryptocurrencies at the moment, Square said in the application. Cryptocurrencies such as Bitcoin (BTC) are currently gaining acceptance on new e-commerce-based sites.
Making cryptocurrency payments even when buying a simple product or service, especially in daily expenses, is quite difficult at the moment in terms of the time they receive. Some operations can take even more than 1 hour depending on the density of the network and such time may not be possible in daily life. In addition, experts believe the secrecy offered by cryptocurrencies could cause other problems.
Jack Dorsey's company will use a Lightning Network-based technology called LDK in its patent to overcome this speed problem. Dorsey's cryptocurrency plans are predicted to increase the price in the future.