Arizona Patent of the Month – October 2022

With the growing use of cryptocurrencies, the need for reliable and completely secure wallets is essential. IPAssets Technology Holdings Inc. are experts in this world, having developed a complete implementation suite for anyone to create, manage, and distribute digital assets. Their focus is on those assets made on the Ravencoin blockchain. Thanks to this commitment, the company has recently been awarded a patent for their cold storage cryptographic authentication system.

Blockchain assets use cryptographic keypairs in order to transact. Each keypair has a private key and a mathematically-derived public key. IPAssets solution uses a cold storage system to improve the storage of these private keys. 

Cold storage is offline cryptocurrency storage. Any crypto wallet that’s not connected to the internet is considered cold storage and is referred to as a cold wallet. IPAssets cold storage is configured to generate a private key and compute an associated PK/PKY which will be displayed on the screen. The interface then retrieves the PK/PKH and stores it in memory. 

They call their solution Ice Wallet. The device can currently pair with the MangoFarmAssets web wallet, enabling users to create, send, and hold RVN and digital assets without ever exposing the user’s keys.

Other attempts at cold storage devices still enable online connectivity – depleting any security that had been achieved by cold storage. Ice Wallet has zero connectivity with any online devices, no WiFi or Bluetooth functionality and therefore does not need any specialty methods to avoid being compromised.

This is just one step in the company’s plan, as they strive to expand Ice Wallet to include a variety of popular cryptocurrencies and accessibility options to be used in the Metaverse.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

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