the United States Patent and Trademark Office (USPTO) published the filing. The application has Coinbase’s description about a system that could function as a payment portal. This portal will enable the user to carry out transactions right from their cryptocurrency wallet A portion of patent filing reads:
It may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets. Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets.
How will it work?
The patent filing explains about a system which will enable the users to encrypt their passphrases into a masterkey, via a “key ceremony.” The masterkey will encrypt both the user’s private key and the transaction itself. It will be deleted after every transaction.
The patent application also mentions a key component of the system, the introduction of freeze/unfreeze capability. This will come in handy when a user reports hacking issues.
At any point in time after the master key is loaded, the system can be frozen. The system can be unfrozen after it has been frozen using keys from the key ceremony. The checkout process can be carried out when the system is frozen and when the system is unfrozen. The payment process can only be carried out when the system is unfrozen and not when the system is frozen.
In addition, the proposal also mentions API integration capabilities to enable websites to run versions of the payment portal. To tighten the security, the API paradigm utilizes a pair of keys, where one will be stored on the server of the website and other stored with Coinbase. The two keys must match, for any transaction to be approved.
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