Square, the American financial services platform launched a crypto patent consortium “COPA” which would deploy blockchain technology to aid the cryptocurrency community towards the progression in innovation and the adoption of crypto technologies.
The new non-profit Crypto Open Patent Alliance “COPA” is a consortium of like-minded people providing a platform to pool patents and work in a democratize environment that can create robust crypto adoption and remove the patents as a barrier to growth and innovation.
Jack Dorsey, founder of “Square” & Social media Platform “Twitter” is taking the initiative to start this alliance and trying to make a “shared patent library to help the crypto community to defend against patent aggressors and trolls.”
COPA would facilitate the cryptocurrency community to come together to build and develop new products and services upon the existing technologies for the benefit of all.
In a post on Sep 10, Dorsey displayed about COPA and said “Square is in a fight to keep bitcoin and crypto free and open.”
“COPA will be governed by a board of nine members – three members from the crypto and open source community who work towards making crypto better and available for everyone; three members from the founding companies; and three members from the remaining membership. We will appoint board members based on consultation with the community and the founding members.” The official website reads.
Reason for Launching COPA
The Foundation of COPA is essential because, although patents are extremely useful and can defensively fight against the lawsuits and litigations initiated by the bad actors, there is always fear and hindrance to innovate. The offensive and misguided use of patents by the bad actors can hinder the growth, progression, and free availability of cryptocurrency technologies.
Many crypto-focused organizations have filed hundreds of patents on crypto technologies and still, the trend is continued. However, this is causing some concerns like these patents are stifling the growth of innovation and improved versions of technologies and future applications because patents locked the foundational crypto technologies, secondly, many companies don’t own the patents which trigger harm to these companies to fight against the bad actors.
How Crypto Open Patent Alliance Works?
COPA provides an open patent strategy to address the revealed concerns.
COPA’s two-pronged approach is covered by the “Patent Pledge” & “Shared Patent Library.”
One is a pledge that no member will ever assert their patents on foundational cryptocurrency technology, except for defensive reasons, making their patents freely available for all to use.
And, second, a member would pool their patents in a “shared patent library”. This is to let members use each other’s patents as needed defensively, giving even small companies a shield with which to protect themselves against patent aggressors.
“The patent pledge and the “Shared Patent Library” will work in tandem to help drive down the incidence and threat of patent litigation, benefiting the cryptocurrency community as a whole.”
“The patent pledge removes the threat of patents from being used offensively in litigation, while the shared patent library operates as a shield for COPA members to use against patent aggressors.”
Anyone can become a member of COPA, though members are required to conform with the rules of a crypto patent consortium. “Anyone can join and benefit from COPA, regardless of whether they have patents or not. There is no barrier to entry – members can be individuals, start-ups, small companies, or large corporations.”