Today, it was announced that the Winklevoss twins have been awarded a new patent that deals with improving security in digital operations. The Winklevoss twins, famous for their connection with the Facebook social network and its creation, have turned to crypto endeavors since mids 2013. They have established an exchange called Gemini, and have been awarded several patents since then.
The patent business is a very important one because it lets their proposers retain the rights of the solutions proposed. A patent is then a form of intellectual property over a way of doing things, broadly speaking. The business of patents in the cryptocurrency industry is new and booming, especially when it is dealing with security issues.
The patent in question deals with defining a “System, method, and program product for processing secure transactions within a cloud computing system”. What this means is that they have effectively proposed a new system to improve the reliability of money operations in a distributed environment. A distributed environment, or “cloud computing system” as it is called in this patent, is a platform where not all users are directly connected, and they have to rely on remote connections to communicate between them.
The system proposed uses cryptographic methods to obscure the content of the transactions made in the system, making possible attacks even harder. This is described to be achieved by the implementation of a third party machine that issues ids to the client in order to secure the transaction.
The system referred seems to be designed to be used in cryptocurrency operations, as the patent file states:
Digital asset network devices 126 can include user devices running a digital asset network client (e.g., specific software configured to create a digital asset network), a digital asset network ledger, which may be centralized or decentralized (e.g., distributed via a digital asset network client, as with the Bitcoin Blockchain).
It is expected that this patent would be applied in the Winklevoss Twins exchange business, Gemini, to further improve their security and avoid possible hacks in the future.