Home News Winklevoss Twins Win Patent for Securely Storing Digital Assets

Winklevoss Twins Win Patent for Securely Storing Digital Assets

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The Winklevoss twins have gained a patent  for securely storing digital belongings which provides to a protracted checklist of 9 successful patents gained by the billionaire twins, per info printed on the website of the U.S. Patent Office.

The new patent, labeled 10,068,228 units out a plan for chilly storage of digital belongings by constructing a pc community, made up of remoted computer systems used to host safe storage wallets for cryptocurrencies and cryptocurrency exchange-traded merchandise (ETPs).

According to the filed doc with the Patent Office, the computer systems shall be bodily separated from each other, however shall be related to the blockchain when transferring belongings and finishing up transactions on the community. As a end result, they may successfully perform as chilly storage units allowing person entry solely with using distinctive cryptographic keys.

New storage accounts on the community could have a separate cryptographic key, divided into a number of elements with every fragment saved onto an exterior storage system reminiscent of a USB drive, bodily engraved onto paper, laminated playing cards and extra.

An excerpt from the patent doc summary states that the “reference identifier” could also be related to every “digital asset account.”

“A respective reference identifier may be associated with each digital asset account. 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 storage of the cryptographic keys begins at manufacturing. According to the doc, they could be saved on each bodily and digital mediums, however no less than, one set of the keys should be saved on an digital storage system reminiscent of a USB drive. The doc additional states that, when keys should not created onsite on the storage location, they should be delivered in particular person or by way of fax to the storage location. Owners should additionally current three separate types of identification when creating and accessing their accounts.

The software reads partly:

“In embodiments, private keys for a multi-signature account may be distributed to a plurality of users who are required to authorize a transaction together. In embodiments, private keys for a multi-signature account may be stored as backups, e.g., in secure storage, which may be difficult to access, and may be used in the event that more readily available keys are lost.”

Several business heavyweights have been clamoring for a dependable custody resolution. Earlier this yr, Goldman Sachs introduced it was contemplating launching a crypto custody service. Famed crypto investor Mike Novogratz additionally weighed in on the matter, whereas chatting with Ran Neu-Ner on CNBC’s ‘Cryptotrader,’ the place he steered {that a} custody service from a trusted supply may lead to a value restoration of digital belongings.

“I think the next move up is going to need custody from a trusting source. […] If I’m in the state of Wisconsin, I’m not going to risk my job on a company called BitGo.”

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