VISA has officially filed a patent request for a digital currency, possibly based on Ethereum.
After initially joining the Libra project and then leave himIt turns out that VISA is involved in the technological development of cryptocurrencies much more than previously thought.
In fact, this patent application dates back to November 2018, more than six months before the announcement of the Libra project, but it was only published yesterday.
The summary of technology for which the San Francisco-based Visa International Services Association is applying for a patent, which states:
"Techniques are disclosed that include receiving, by a computer of the central entity, a request for digital currency. The application includes a serial number and a denomination of a physical currency. The central entity's computer generates the digital currency for the denomination and is linked to the serial number. Generation includes registering the digital currency on a blockchain. The central entity's computer transmits a notification of the generation of the digital currency. The central entity's computer causes the removal of the physical currency from circulation in a fiat currency system. ”
This technology is looks in many ways like Libra, so it is not surprising that VISA initially joined the project launched by Facebook.
In fact, it would be a stable currency probably based on Ethereum, with verifiable and locked warranties.
Another passage in the app says:
"Every time a dollar of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is withdrawn from circulation to regulate the value of the digital fiat currency."
The fact that this patent application dates back to November 2018 is not surprising, because it is probably also the same period in which JP Morgan was working on his stable currency.
Furthermore, the app not only mentions the Ethereum network, but also Bitcoin, Litecoin, Zcash, Dash, Ripple, and Monero.
In some ways, it is curious that, unlike Libra, this idea is not based on its own centralized blockchain, but imagines itself on public blockchains over which the company will never have any control. However, it does not necessarily contemplate the use of decentralized blockchains, but it does not necessarily imply the development of a new blockchain either.
At this point, one would think that VISA could compete with Libra in the future, especially once Facebook and its members have solved their legal problems and made their stable currency duly regulated.