Walmart has applied for a patent for stablecoin, similar to Libra
The American retail giant Walmart has filed a patent for a cryptocurrency, which has some similarities with the cryptoactive Libra planned for Facebook.
In the application to the United States Patent and Trademark Office (USPTO), Walmart describes the concept of a digital currency “pegged to a common currency,” that is, the so-called stablecoin.
According to Facebook, which announced plans in the spring to issue its own cryptocurrency next year, Libra will be a stablecoin linked to a basket of fiat currencies and government bonds.
The patent application states that the proposed coin can help people who are currently limited in banking services to access financial services. Facebook puts forward a similar requirement for its cryptocurrency.
“Using digital currency, low-income households, for whom banking is too expensive, can have an alternative way to manage their finances in an institution that can provide most of their daily financial and product needs,” Walmart said.
Facebook’s offer is expected to create a system whereby users of its social networking platforms will be able to use Libra for payments, which will allow advertisers to earn Libra and pay for Facebook ads in tokens. The Walmart application also states that the token may have functions that will allow it to be used in the ecosystem of a retail trading company:
“Digital currency can be pegged to the US dollar and is available for use only in selected retail stores or with partners. In other applications, digital currency may be available for use anywhere. Digital currency can be an almost free way to store money in retail stores and, if necessary, can be easily converted into cash. ”
There is a noticeable difference between the stablecoins - Walmart Coin users can “even earn interest. Walmart also notes that his token can store user purchase history on the blockchain, and then apply corresponding discounts to their subsequent purchases in the same way as loyalty points.
Among other proposed features of Walmart Coin is the ability to eliminate the need for credit cards and use biometric data (for example, a fingerprint) for payment. The token can also be used to limit which categories of products can be bought and by whom, for example, to prohibit minors from buying cigarettes or alcohol.
Walmart actively implements the blockchain in various processes and applies for patents related to technology. Last summer, Walmart received a patent for a blockchain medical data storage service, and also announced that it plans to build an “army of autonomous robots” controlled and authenticated via the blockchain network.
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