Square plans to shape a safe place and develop a reliable solution for patent challenges in the cryptocurrency industry. The company, owned by twitter’s Jack Dorsey, is one of Bitcoin and cryptocurrencies’ big supporters. They plan to form the Cryptocurrency Open Patent Alliance (COPA).
“If you’re tired of grant tweets and patent trolls, we’ve got great news. Today Square is announcing the formation of the Cryptocurrency Open Patent Alliance (COPA). As you know, from Square Crypto to Cash App, Square is in the fight to keep bitcoin and crypto free and open,” tweeted Square.
The thread tweet by Square Crypto, the official account of Square, focused on the cryptocurrency industry, focuses on the need for an alliance to help solve the patent challenges.
Jack Dorsey and his team believe that the technology for developing revolutionary solutions like cryptocurrencies has to be accessible to everyone:
“The success of cryptocurrencies, as with any new technology, depends on people being able to build what they want, which is not possible when every new idea gets tied up by patent litigation.”
Patent lockup is the real problem that Square believes can create a burden for innovation. They believe in the power of the community as a force to combat this problem.
“COPA is an industry-wide invitation to the patent equivalent of an open-source community. Its two-pronged approach includes (1) a pledge that no member will ever assert their patents on foundational cryptocurrency technology, except defensively,” added Square Crypto.
When new companies want to enter the cryptocurrency world, they need some fundamental technologies to make their products’ initial phases. Some of these technologies are patent protected and force them to invent the wheel. Square believes the COPA, with the help of all of the industry players, can help new teams try their chances. The solution will help the whole industry as more ideas and products find the chance to show their advantages.
The alliance promoted by Square surely needs as many companies and teams as possible to create an open patent library.
“As more companies join and the shared patent library grows, the freer we’ll all be to pursue crypto’s future. As a good faith gesture, we’ll be making the first move and opening all of our crypto patents for future COPA members to use.”
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