PayPal patent apps signal an interest in layer-2s, NFTs
Blockchain validation. Funds between totally different community layers. Digital asset suggestions within the metaverse.
These are a number of the areas PayPal’s analysis and growth efforts seem targeted on, in accordance with a slate of just lately printed patent purposes.
The latest software, printed Thursday and initially filed in March 2022, delves into the small print of how validators or miners needs to be chosen in the course of the strategy of including transactions to the blockchain. The doc states that the corporate’s disclosed methods may “advantageously permit steering of blockchain requests to a desired subset of miners/validators.”
Three different patent purposes, launched on Sept. 21, had been additionally filed in March 2022.
One supplied up supposedly new “strategies and methods” to allow off-chain transactions by NFT marketplaces.
One other mentions the idea of a so-called omniverse, which on this context suggests a product that offers in a number of metaverses. PayPal says it developed an “on-line transaction processor” that would offer suggestions for which digital property a consumer can buy based mostly on the consumer’s blockchain preferences and which metaverses they work together with most.
A 3rd describes one other conceptual on-line transaction processor. This processor’s aim is to facilitate funds between customers and retailers working on totally different community layers (layer-1s and layer-2s) in a extra environment friendly method.
The purposes, in sum, provide a window into PayPal’s pondering because it builds out its suite of crypto services.
For example, with PayPal releasing a stablecoin in August, these proposed present a window into the path of PayPal’s use of the expertise for funds. Venmo, the agency’s fashionable fee app that enabled crypto transfers in Might.
PayPal didn’t instantly reply to Blockworks’ request for remark.
