Crypto patent-sharing marks a step in democratizing knowledge ownership
One of the hallmarks of the crypto industry since its inception has been its commitment to open source development as well as its transparency-centric ethos. This is best made evident by the fact that many prominent projects operating within the digital asset sector and decentralized finance (DeFi) arena today have essentially been derived from other prominent projects such as Bitcoin Cash, SushiSwap and many others.
In this regard, the Crypto Open Patent Alliance (COPA), a group that promotes the advancement of cryptocurrency-enabled technologies by removing patents as a barrier to growth and innovation, recently welcomed social media giant Meta as a member, with the latter vowing to make all of its crypto patents accessible to the world.
To elaborate, Meta — formerly known as Facebook — published a statement announcing that by joining COPA, it will become one of the 30 firms committed to not enforcing their “core cryptocurrency patents.” On the subject, the alliance’s general manager, Max Sills, pointed out that core cryptocurrency patents refer to those technologies that allow for the “creation, mining, storage, transmission, settlement, integrity or security of cryptocurrencies."
The goal of the association is to accrue patents from its members to create a collective patent library that will help stimulate innovation within the global blockchain sector by reducing instances of patent litigation. Soon after the development came to light, Twitter co-founder Jack Dorsey applauded Meta’s decision, stating that the crypto market functions best when the interests of everyone (not just the wealthy) are considered.
Antoni Trenchev, co-founder and managing partner at Nexo, a cryptocurrency lending ecosystem, told Cointelegraph
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