The American retail giant Walmart has filed a patent for a cryptocurrency that has some similarities with the Libra crypto asset planned for the launch of Facebook.
In the application
In the US Patent and Trademark Office (USPTO), Walmart describes the concept of a digital currency “tied to a regular currency,” that is, the so-called stablecoin.
According to the statement
Facebook, which in the spring announced plans to issue its own cryptocurrency next year, Libra, will be a stablecoin tied to a basket of fiat currencies and government bonds.
The patent application says that the proposed coin can help people who are currently limited in banking services to access financial services. Facebook also puts forward a similar requirement for its cryptocurrency.
“By 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 grocery needs,” says Walmart.
Facebook’s proposal is expected to create a system through which users of its social media platforms will be able to use Libra for payments, which will allow advertisers to earn Libra and pay for advertising on Facebook 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:
“The digital currency can be pegged to the US dollar and is available for use only in individual retail stores or with partners. In other applications, the digital currency can be available for use anywhere. Digital currency can become an almost free way to store funds for spending in retail stores and, if necessary, can be easily converted into cash.”
A noticeable difference between stablecoins is that Walmart Coin users can ” even earn interest. Walmart also notes that its token can store users ‘ purchase history in the blockchain, and then apply the corresponding discounts to their subsequent purchases, similar to loyalty points.
Among other features offered by 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 purchased and by whom, for example, to prohibit minors from buying cigarettes or alcohol.
Walmart is actively implementing blockchain in various processes and is applying for patents related to the technology. Last summer, Walmart received
a patent for a blockchain service for storing medical data, and also stated that he plans to build an “army of autonomous robots” controlled and authenticated through the blockchain network