The Cryptocurrency Birth Patent Alliance has launched a campaign focused on “patent trolls,” arguing that they block the path to crypto innovation.
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Crypto advocacy community the Cryptocurrency Birth Patent Alliance (COPA) and the patent-focused organization Unified Patents enjoy launched a campaign against “patent trolls” focused on blockchain and crypto tech.
COPA said in an Oct. 1 weblog put up that the pair launched the “Blockchain Zone,” a campaign to try patents below the regulate of non-working in direction of entities (NPEs), which covers a slew of craftsmanship from non-fungible tokens (NFT), wallets and natty contracts.
COPA said the partnership will aim to offer protection to blockchain corporations and developers from “unwarranted and pricey” lawful claims by patent trolls, or NPEs, who exercise the excessive costs of a court fight to barter a settlement.
Patent trolls, or hoarders, are entities that preserve patents with the aim of cashing in on them by licensing them or suing these who exercise them without permission. And they don’t exercise the patent themselves.
In line with Unified Patents, these entities accounted for 58% of all patent litigation in the USA final year and focused tech companies 95% of the time.
Patent trolls (crimson) filed over 1,700 lawsuits over their held patents in 2023. Provide: Unified Patents
“Patent trolls are barriers in the path of innovation,” said Coinbase’s lawful chief, Paul Grewal. “They should be stopped so as that the neighborhood can proceed to make the precious industry of constructing the crypto-economy.”
Unified Patents CEO Kevin Jakel said the partnership ensures the crypto sector “won’t be hindered by the all-too-total baseless patent assertions affecting other sectors of the economy.”
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The crypto dwelling has had its part of alleged patent trolls. In September, advocacy body the DeFi Education Fund (DEF) moved to kill a patent “linking offchain data to a blockchain” owned by Factual Return Programs, who had filed actions against crypto protocols MakerDAO (now Sky) and Compound Finance for infringement.
DEF bought the patent from Factual Return in August as piece of a settlement agreement, which ended its claims against Sky and Compound.
Meanwhile, the crypto enviornment title provider Ethereum Title Service (ENS) is anxious a patent granted to its rival Unstoppable Domains — which says it made tech that makes exercise of blockchain to search out out domains — claiming it pioneered the tech.
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