Blockchain firm sues Coinbase for $350M alleging patent infringement

Crypto exchange Coinbase has found itself in legal hot water after being accused by blockchain-based software firm Veritaseum Capital of infringing on a patent relating to its blockchain technology — and is now seeking $350 million in damages.  According to a lawsuit filed on Thursday by U.S. law firm Brundidge & Stanger in the U.S. District Court in Delaware, Veritaseum alleges that Coinbase infringed on its cryptocurrency payment transfer technology patent, known as the “566 Patent.” Veritaseum said the patent revolves around “novel devices, systems and methods” which enable parties…

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China accounts for 84% of all blockchain patent applications, but there’s a catch

China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official. China has steered clear of the cryptocurrency market. However, the Beijing government has been supportive of the underlying blockchain technology. The country has actively promoted the use of blockchain tech over the years, and thus the high percentage of blockchain patents isn’t surprising. President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the President called upon citizens, tech companies and stakeholders…

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PraSaga awarded U.S. patent for placing computer operating system onto the blockchain

According to a new United States Patent and Trademark Office publication on Tuesday, Swiss-based blockchain startup PraSaga has been awarded a patent placing its operating system, dubbed “SagaOS,” on the blockchain. Titled “Systemic Extensible Blockchain Object Model Comprising A First-class Object Model And A Distributed Ledger Technology,” the methods described in U.S. patent no. 11436039B2 relate to processing multiple message passing transactions via blockchain.  At present, smart contracts only allow for processing just one transaction or action at any given time. However, PraSaga claims that its proprietary methods, as described…

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Tencent receives patent for blockchain-based missing persons poster

According to local news outlet 36kr.com, Chinese technology conglomerate Tencent recently received a novel patent for a blockchain-based missing persons poster. The patent took nearly three years to be awarded from the date of its first submission in December 2019. The paten consists of a data generation request upon user submission that a person has gone missing. The proposal is then unveiled publicly on the blockchain for verification. Once a consensus has been reached regarding the request, it is then stored in the public ledger and forwarded to nodes for…

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Turkish crypto exchange joins COPA to fight against ‘patent trolls’

Major Turkish crypto exchange BtcTurk has joined the crypto patent alliance (COPA) to team up with prominent firms in their mission to provide open access to patents and empower the adoption of crypto technologies.  COPA aims to abolish patents as it’s perceived as an obstacle to innovations within the sector. The nonprofit favors a more communal approach when it comes to intellectual property. Its members include prominent crypto firms like prominent firms like Coinbase, Block and Aquarius. Apart from crypto-native companies, firms like MicroStrategy and Meta have also joined COPA.…

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Tencent files for patent related to virtual concerts in Metaverse

Chinese tech conglomerate Tencent has filed for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA) according to business data-tracker Qichacha. The application comes as Chinese companies race to secure Metaverse trademarks. Even though the People’s Bank of China (PBoC) took a strong stance against the Metaverse and nonfungible tokens (NFTs) in November, stating that it would track them with Anti-Money Laundering tools, more than a thousand Chinese companies have submitted over 16,000 metaverse-related trademark applications according to a report from Chinese news outlet, The Paper. Despite…

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Meta joins patent alliance, pledges free crypto patents for all

The Crypto Open Patent Alliance (COPA) has welcomed Meta as a member, with the social media giants vowing to make its core crypto patents accessible to all. Meta, formerly Facebook, has joined the COPA, a group that advocates for public patents on crypto and blockchain-related technologies. On Monday, the organization published a statement announcing Meta and noting that Shayne O’Reilly would be its representative. By joining COPA, Meta will become one of 30 other businesses committed to not enforcing their “core cryptocurrency patents.” The general manager of COPA, Max Sills,…

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Microsoft wins US patent for ‘ledger-independent token service’

American tech giant Microsoft has won a blockchain-related patent for techniques for implementing a cross-chain token management system. The United States Patent and Trademark Office (USPTO), the agency granted the patent to Microsoft’s subsidiary Microsoft Technology Licensing on Aug. 24. Filed in February 2019, the patent describes a “ledger-independent token service,” or a software service enabling individuals and organizations to create and manage tokens across multiple distributed ledger networks and platforms.  Examples of such platforms in the patent filing included major blockchain platform Ethereum, IBM-backed Hyperledger Fabric, JPMorgan’s enterprise blockchain…

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Blockchain companies can’t afford to stay on the patent sidelines

Twitter plays defense with its patents, Square has launched a consortium — which includes Coinbase — to pool crypto patents and Alibaba is well on its way with its mission to overtake IBM in the blockchain patent wars.  Many startups don’t take the necessary steps to protect their innovations, and that’s a big mistake. Particularly in blockchain, an open-source philosophy embedded in the space makes many entrepreneurs eschew the competitive, territorial landscape of patent applications. In fact, a lot of startups believe patents can’t be enforced on decentralized autonomous technology.…

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More institutional adoption as Marathon Patent Group purchases $150M in Bitcoin

Nevada-based crypto mining firm Marathon Patent Group has invested $150 million in Bitcoin as a reserve asset. Marathon announced today that it has purchased more than 4,812 Bitcoin (BTC) for $150 million through the New York Digital Investment Group — an average price of $31,168 per coin. CEO and chairman Merrick Okamoto said the move was “a better long-term strategy than holding US Dollars,” comparing the Bitcoin purchase to companies like MicroStrategy, the business intelligence firm that made an initial $425 million crypto investment last year and has since bought…

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