Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Earlier today, mobile payment company Square announced that it would join the Open Invention Network. The payment platform also joined forces with other companies. Their mission is to reduce patent crypto-related lawsuits and safeguard the development of digital currencies.
The Open Invention Network is an institution that helps protect members from Patent issues. Many industries have dealt with patent problems over the years, which stagnated their growth. Therefore, Square fosters the development of crypto by reducing patent lawsuits.
Square Joins The Open Invention Network
Recently, Square announced that they are joining the Linux-based Open Invention Network. The Open Invention Network is a platform aiming to protect Linux from patent suits. All its members can get royalty-free access to any open source tech without fearing litigation.
As a crypto-linking mobile payment firm, Square has broad exposure to patent issues. Companies in the mobile-related industry have been facing litigation that drains millions. After joining the Open Invention Network, Square can now freely develop.
These technologies include Linux Kernel, Hadoop, and many more. As of now, this platform has 1000 own patents that every other project therein can use freely. Simply put, over 3500 other companies in different fields are part of the network.
Patent Issues Slow Crypto Growth
The primary intention of Square is to speed up the growth and adoption of crypto. If a firm faces legal suits, the development and growth almost always stop. That has been common in non-crypto networks where companies start long court battles.
Similarly, if a crypto project faces court battles, the growth could slow down. Thus, by joining the pact, Square will be able to continue developments in the crypto world.
Square has always been focusing on the patent issues of the crypto space. In 2020, they launched COPA, Cryptocurrency Open Patent Alliance. The alliance is a cross-licensing option for members of crypto. It’s where crypto patent holders pledge not to sue others for technologies. One of Square’s Counsel, Max Sills, said,
“We’re in just such a rapid time of growth. So many amazing things are happening without patents. We want to avoid long-drawn-out legal battles.”
By avoiding patent issues, companies will develop more technologies for crypto without fear of litigation.
Crypto and Patents
As the crypto world grows and expands, more firms have been taking patents. Currently, BofA is the organization with the highest number of crypto patents. Goldman Sachs and Bank of America Corp have also been obtaining crypto patents.
This developing crypto space needs excellent regulations. However, putting severe patent restrictions could slow crypto’s development.