Ukrainian citizen has created an autonomous system for cryptocurrency electronic payments

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The technology works through a special application

Ukrainian citizen has created an autonomous system for cryptocurrency electronic payments

15.11.2021 - 11:00

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What’s new? Ukrainian citizen Anna Melnychuk has registered a patent for an autonomous technology for mutual conversion of fiat money into virtual currencies. This is reported by the Patent Office Ukrpatent.

The Patent Office message

What is known about the technology? The payment system, which Melnychuk developed, works through a special application. The technology is based on the IPFS distributed file system. The application is installed on the user's device. The system stores users' personal information, as well as a digital money module and information about cryptocurrency wallets.

The patent description states that the module built into the application allows users to send or receive transfers by buying and selling cryptocurrencies without being linked to a specific banking system. How large interbank transfers are to be conducted is not specified in the Patent Office's message.

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