Cryptocurrency storage services are nothing new as virtually everyone who is involved in cryptocurrency trade makes use of one. As a result, the user base for these storage facilities ranges in the millions.
It seems the Winklevoss twins intend to get in on the action as they recently filed for a patent for their cryptocurrency storage space. This was revealed via a U.S patent office document published on September 9, 2018.
The Cryptocurrency Revelation
According to a document published by The US Patent and Trademarks Office (USPTO), the twins applied for the patent for a digital currency storage platform.
The service will be referred to as the “Systems and methods for storing digital math-based assets using a secure portal.” The system works by using an extensive network of computers which will generate multiple accounts designed to hold cryptocurrency.
According to the document:
“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 obtainable keys are lost”
The company responsible for the filing of the patent is Winklevoss IP, LLC which is owned by the brothers.
This is hardly the brothers’ first dive into the cryptocurrency world. They are also the founders of the Gemini exchange which deals in cryptocurrency and were one of the people who won big after the first cryptocurrency explosion, making billions in the process.
One of the most significant selling points of the new service is that it is very secure. The system works uniquely. When a new account is registered, keys are generated for it. The keys are then divided into multiple parts that are stored on a variety of storage devices including DVDs and CDs.
The keys can also be written down, either on paper or plastic depending on the users’ preference.
While the Winklevoss’ idea is innovative, it is hardly the only storage service available on the internet.
Hundreds, if not thousands of digital currency storage facilities already exist and thus, they will be facing some stiff competition.
However, the twins do have some leverage on their side. They already own a crypto exchange, and so promoting the new service will be no problem.
On top of this, their service offers a layer of security that hasn’t entirely existed before now. Seeing as security is such a massive issue in the crypto community, this would be an added advantage.