Published via F: 2014-01-02 16:27:05
eBay's PayPal unit has filed a patent application proposing secure tokens that could potentially be used as a virtual currency.
"The recipient can use the token to purchase a product using a checkout though the payment provider," the filing reads. "The purchase can be made without requiring the user to create the user's own payment provider account." The filing states that these tokens would be for giving gifts, but in theory, the tokens could serve as a currency that can be used for purchases outside of eBay and PayPal and would be a competitor to Bitcoin, dogecoin and litecoin, among others.
My Two Cents
Virtual currencies are becoming all the rage -- like eBay submitting a patent application for a secure token. My analysis is -- if you have to file a patent to support your virtual currency, then it isn't a virtual currency and you have already failed!
