Web2 and Web3 are two different generations of the World Wide Web. While Web2 is a centralized platform, Web3 is decentralized and powered by blockchain technology. The success of Web3 has been enormous, with many people now moving from Web2 to take advantage of its benefits. However, the path to Web3 is not always straightforward. It is complicated and requires a deep understanding of both technologies. Today's guide will ensure you have the right information to successfully move from Web2…
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Microsoft Wins Patent For Developing Cross Blockchain Token Solutions
On 24th August 2021, Microsoft won a patent to develop a crypto token management system. The company recently made its deep interest in the crypto world public. The developments are big news for the crypto blockchain world. For example, once the tech giant will fully implement and adopt the blockchain, it should result in more crypto adoption.
The Ledger Independent Token Service
On Tuesday, USPTO, the US patent regulators, awarded Microsoft the patent filed in 2019. This patent allows Microsoft to create a system called the Ledger Independent Token Service. The idea is to provide a system/interface compatible with several blockchains.
Developers will also be able to generate codes compatible with many systems. This system gives unique token templates, each like either digital or real-world assets.
The recent patent involves systems like JP Morgan’s Blockchain, IBM-backed Hyperledger Fabric, and Ethereum. Microsoft gets the patent when there is a dire need for blockchain interoperability in the crypto world. Also, other projects like Chainlink have been trying to provide oracle systems to help in chain interactions. Microsoft’s solution seems to be a more comprehensive one that would create more efficiency.
Microsoft’s Interest in Blockchain Technology
Microsoft has shown interest in blockchain technology in the past few years. The recent patent is not the only patent the company is planning to get. In March 2020, Microsoft filed a patent for creating alternative ways to mine crypto. They highlighted that body functions could help in generating mining energy. They aim to replace the proof of work systems that are inefficient.
The document reads:
“For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process.”
Microsoft also applied for other patents and services in the past. Recently, Microsoft showed its interest in using the Ethereum blockchain to fight piracy. Its main products Windows and Office, are among the topmost-pirated contents online.
It is also researching a project, Argus, to backtrack the origin of pirated content. Argus helps in tracing everyone behind piracy schemes, helping to end piracy. Microsoft’s interest in crypto is growing and may lead to mass adoption.
Institutions Interested in Blockchain
Institutions like Microsoft, Tesla, Facebook, and Amazon have been showing interest in blockchain. Their continued support and interest can help speed up crypto adoption.
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Currently, the legal situation of crypto is increasingly becoming harsh. When large institutions support blockchain, governments could start easing their regulatory measures. Therefore, crypto enthusiasts should hope for a friendly future regulatory environment for crypto.
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