There seems to be a lot going on for Glance Technologies Inc (OTCMKTS:GLNNF). In the recent months, the firm has launched various projects aimed at consolidating the crypto market. Particularly, a news release reveals a provisional patent request by the firm that could help reduce the barrier to entry into the industry.
According to the release, Glance is seeking to lowers costs associated with cryptocurrency transactions. At the same time, the processes described in the patent will increase the speed of crypto-based transactions across blockchain networks. As such, the processes will also improve the efficiency of the transactions.
Blockchain technology is still new and developers are still tweaking it to find the best means of utilization. In essence, this is the technology that underlies most of the cryptocurrencies in existence, including bitcoin. Even as developers increasingly discover new use cases for the technology, it still faces many challenges. Communication between differently permissioned blockchains makes one of the challenges.
Essentially, the new patent describes the process that endeavors to solve some of the challenges. The process will facilitate the process of conversion of cryptocurrencies from one token to another.
“It also facilitates storing information of different sensitivity levels on differently permissioned blockchains, which can be useful when privacy is important,” the news release reads in part.
Unlocking the full potential of crypto
According to Desmond Griffin, CEO of Glance, the patent is in line with the firm’s strategy. In particular, the company strives to provide practicable solutions to facilitate crypto-based payment solutions.
In the same breath, Glance Pay is making improvements on its platform such that users can now pay with bitcoin. As such, the platform’s users will successfully settle payments via cryptocurrency by pairing their crypto wallets with Glance Pay accounts.
Interestingly, users will first use bitcoin to purchase Glance Dollars which they can now use to make purchases. According to the firm, Glance Dollars are some kind of credit which users can use to settle transactions with participating merchants.
Ultimately, Glance seeks to place itself at the forefront of technology when it comes to payment solutions. As such, the firm will help to unlock the full potential of digital currencies.