Winklevoss Twins Secure Patent for Crypto Key Storage System

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Winklevoss Twins Secure Patent for Crypto Key Storage System

While Tyler and Cameron Winklevoss patiently await regulatory approval to launch their bitcoin-based exchange-traded fund (ETF), they continue to amass intellectual property (IP) rights in the form of patents on innovative blockchain technology and cryptocurrency offerings, which will allow them to profit handsomely in the future. (Also see, SEC Denies Winklevoss Bitcoin ETF Plans.)

The specifics of the patent secured by Winklevoss IP LLP, a corporation affiliated with the Winklevoss twins, were recently disclosed by the United States Patent and Trademark Office (UPTO). The patent, titled “Systems and methods for storing digital math-based assets using a secure portal,” describes the intention to construct a secure and isolated network of computer(s) and suitable writing devices capable of generating “digital asset accounts” for securely storing cryptocurrencies and other digital assets.

The suggested system envisions creating a digital asset account administration system based on a technique for securing asset keys. Digital asset accounts capable of working over a blockchain network may be formed and managed using an isolated computer. A digital asset account identification and one or more private keys may be produced and connected to the digital asset accounts. The process allows the produced keys to be segmented into sections that may be recorded into an external memory device such as a flash drive, CD, DVD, or on paper or a laminated card. Because keys may be separated, their various components can be kept on different cards or devices. For example, one set may be kept on paper, another on a laminated card, and a third on a DVD. By presenting all three kinds of identification, the legal owner may get access to the safe storage.

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The isolated computer system (or network) will serve as cold storage, but it will be able to securely connect to the blockchain network to execute transactions as needed. The patent filing describes many versions of how the system may be used to provide cold storage services, key storage services, and key storage by a digital asset storage service. The application may potentially be enhanced to provide services relating to cryptocurrency-related exchange-traded products (ETPs), such as accountancy.

Winklevoss Twins Accumulate Crypto Patents

The Winklevoss brothers, the owners and creators of the Gemini crypto exchange, have a long array of crypto-related patents to their name. They obtained a patent in May for the operation of a system that settles transactions for ETPs related to cryptocurrencies. It was followed in June by another patent on the development of ETPs linked to cryptocurrencies and digital assets. The twins have obtained eight distinct crypto-related patents since December of last year. (See also: Winklevoss Twins Secure Crypto ETP Patent.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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