Coinbase wants to support the COPA in the fight against the aggressive use of patents.
The „Cryptocurrency Open Patent Alliance“ (COPA), which is led by the payment service provider Square, has won the large crypto exchange Coinbase as a new member
Square had the „Alliance for patent protection in the crypto industry“ in September established to build for the crypto industry a defense mechanism against the restriction of innovation by patents.
Coinbase legal advisor and COPA board member Brittany Cuthbert said in a statement from Allianz on Friday:
“In a steadily growing crypto economy, we see it as important that all projects have the freedom they need to be able to build an open financial system. […] We look forward to working with the other members of COPA to create a protective wall for basic technologies in our crypto industry. “
A patent often grants the applicant long-term protection for his innovation, which forbids competitors to offer similar products and services or to use certain technologies. Since the crypto industry was originally driven by a concept of freedom, many technologies in the industry are open source, i.e. freely usable. However, many large companies have since patents for their innovations registered , including for example Block.one and Samsung .
In this context, the statement explains:
“COPA believes that the success of cryptocurrencies depends on the crypto community coming together to build on existing technologies and create new innovations from them. However, that is not possible if some companies make basic technologies inaccessible through patents. “
Although COPA recognizes the real purpose of patents, the alliance warns that they are often misappropriated: “Even if patents offer meaningful protection in many cases, they are often used as an offensive tool of attack, which increases the growth of emerging technologies such as cryptocurrencies massively threatened. We fear that basic crypto technologies will be hidden by the patents of a few, and that innovation and widespread adoption will be stifled. “
Years ago, nearly 12, a programmer under the pseudonym Satoshi Nakamoto has the white paper published that the foundation for Bitcoin ( BTC has laid). The subsequent “crypto revolution” was largely due to the fact that the technology behind the market-leading cryptocurrency is also open source.
„COPA strives to make the basic technologies of cryptocurrencies freely usable for everyone, and is therefore taking action against offensive patent protection,“ as it says in the communication.
COPA now has 18 members, including the crypto companies Square, Coinbase, Blockstream and Kraken. All members undertake to use their crypto patents only for defensive purposes.