PayPal patent apps signal an interest in layer-2s, NFTs

Four patent applications were published since Sept. 21, suggesting that PayPal is taking a close look at distributed ledger tech

article-image

BigTunaOnline/Shutterstock modified by Blockworks

share

Blockchain validation. Payments between different network layers. Digital asset recommendations in the metaverse. 

These are some of the areas PayPal’s research and development efforts appear focused on, according to a slate of recently published patent applications.

The most recent application, published Thursday and originally filed in March 2022, delves into the details of how validators or miners should be selected during the process of adding transactions to the blockchain. The document states that the company’s disclosed techniques could “advantageously allow steering of blockchain requests to a desired subset of miners/validators.”

Three other patent applications, released on Sept. 21, were also filed in March 2022.

One offered up supposedly new “methods and systems” to enable off-chain transactions through NFT marketplaces. 

Another mentions the concept of a so-called omniverse, which in this context suggests a product that deals in multiple metaverses. PayPal says it developed an “online transaction processor” that would provide recommendations for which digital assets a user should buy based on the user’s blockchain preferences and which metaverses they interact with most. 

A third describes another conceptual online transaction processor. This processor’s goal is to facilitate payments between users and merchants operating on different network layers (layer-1s and layer-2s) in a more efficient manner. 

The applications, in sum, offer a window into PayPal’s thinking as it builds out its suite of crypto products and services. 

For instance, with PayPal releasing a stablecoin in August, these proposed provide a window into the direction of PayPal’s use of the technology for payments. Venmo, the firm’s popular payment app that enabled crypto transfers in May.

PayPal did not immediately respond to Blockworks’ request for comment.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

Marathon Digital and Riot Platforms each have more than $1 billion in cash and BTC to deploy, while CleanSpark has said it could be “one of the most aggressive acquirers”

article-image

Worldcoin-related activity currently makes up 43% of activity on Optimism, a Dune dashboard suggests

article-image

Grayscale’s research team sheds light on what is different about this halving and how to prepare

article-image

During the first week of the year, Solana raked in less than 3% of the total fees across 11 major blockchains

article-image

In this edition: Analyzing the SEC’s market impact, the 13F ETF tell-all and FTX generating bipartisan unity in Congress

article-image

The firm raised the funds for the American Dynamism, Apps, Games, Infrastructure and Growth ventures, a post said