Winklevoss Twins Win New Patent for Secure Crypto Transactions

Winklevoss IP, LLC, a company owned by the founders of the US-based cryptocurrency exchange Gemini, Cameron and Tyler Winklevoss, has been awarded a new patent that improves security of digital transactions and operations.

The new patent filed with the U.S. Patent and Trademark Office (USPTO) is described as a "system, method, and program product for processing secure transactions within a cloud computing system.” 

The patent explains the invention as "an improvement to computer security technology,” adding: 

“Computer systems to date have been susceptible to attack, whether the introduction of malicious code or the unauthorized access of information, over external data connections, such as the Internet. As computing systems increasingly move to distributed computing architectures, such as cloud computing, external data connections are often necessary to the functioning of the computing system.”

The system, as outlined by the patent filing, suggests it will use various cryptographic techniques to provide advanced security in a cloud-based digital asset exchange. This system aims to make attacks and intrusion attempts much more difficult, thus providing a safer environment for customers.

While Andrew Laucius, Cem Paya and Eric Winer are listed as the inventors of the system, the patent was indeed filed by Winklevoss IP, LLC, and the cloud-based system could be utilized by another of the Winklevoss twins’ ventures, such as their Gemini crypto exchange. The duo, best known for their involvement with Facebook’s inception, have become major figures in the crypto space since 2013, and continue to push the space in a positive direction. 

Last month, the Winklevoss twins made headlines for proposing a new self-regulatory board to oversee the cryptocurrency industry – a proposal that was met with support by the Commodity Futures Trading Commission (CFTC).