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Bitcoin [BTC] can be processed via text messages, USTPO grants patent to Intuit Inc.

Anvita M V

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Bitcoin [BTC] can be processed via text messages, USTPO grants patent to Intuit Inc.
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Intuit Inc., a California based company, has bagged a United States patent for processing Bitcoin through text messages. Intuit primarily markets financial, accounting, and tax development software and associated services for small businesses, accountants, and individual parties.

On 7th August, the U.S Patent and Trademark Office [USPTO] published the patent on its site. The patent explains how mobile phones will help process payments between two virtual accounts.

As the filing cites:

“A method for processing payment. The method includes receiving, by a payment service, a payment text message comprising a payment amount and an identifier of a payee mobile device.”

The company initially filed the patent on 13th January 2014.  Earlier, the company launched QuickBooks service before it moved on to file the patent.

Intuit claimed QuickBooks service helps small enterprises to accept risk-free Bitcoin payments without the use of Bitcoin wallets.

They said:

“We came up with an innovative way to enable small businesses to accept Bitcoin payments without any risk or a bitcoin wallet,”

According to the patent, the application will comprise of a GUI. The paper further explains the numerous ways through which the payment validation can be done.

Users will be able to validate if sufficient balance is available in the payer’s account before the transaction. Another validation will authenticate the user by generating a unique One Time Password [OTP].

Moreover, the system will validate using voicemail – an unanswered phone call generated by the system. This will eliminate the incoming of malicious and unidentified messages, the patent cited.

Furthermore, the service will hold a wallet which includes P2P file sharing. As mentioned in the patent:

“master wallet comprises a peer-to-peer file sharing data structure assigned to the payment service for storing virtual currency of the payment service.”

Recently Intuit has partnered with payment vendor Veem to enable cross-border cryptocurrency payments.





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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