On the 10th of September 2020, Square Crypto took to its Twitter account to announce the formation of COPA, Cryptocurrency Open Patent Alliance. Square Crypto revealed that its objective is to keep bitcoin and cryptocurrencies free and open. Therefore, the company made sure that its aim gets attained by availing a technology to do so; in this case, COPA.
Square also pointed out in its announcement that the success of cryptocurrencies, when it comes to any nascent technology, entirely relies on people’s ability to build what they want. The company also noted that the success of cryptocurrencies, especially bitcoin, is not possible when every idea gets tied up by patent litigation.
Blockstream also joined forces with Square Crypto in the formation of COPA. According to Blockstream, bitcoin is continuously under threat from the advancing body of patents. Moreover, the threat patents comprise entities inside and out of the bitcoin industry. Blockstream notes that if some of these entities begin to use their patent portfolio offensively, the development of bitcoin-related applications might become precarious.
In 2016, Blockstream came up with their defensive patent strategy in the form of a patent pledge. However, Blockstream says it will commit all of its patents to COPA, and it will operate on the same with a nine-seat board.
About COPA and the Requirements to Join the Platform
COPA is an initiative that develops a library of crypto technology patents. All COPA members can use these patents for defensive reasons. Any person can join COPA, regardless of whether they have a lot of patents or none. However, there are two requirements for each member to commit to when they join COPA.
One requirement that COPA members should commit to is the Patent Pledge condition. The patent pledge condition dictates that members should only use their cryptocurrency patents for defensive reasons. The patent pledge is legally binding and ensures patents are free to use by both members and non-members.
The second requirement is the Shared Patent Library condition, stating that members should devote all their crypto patents to a patent pool, for other members also to use defensively. It aims at arming even the smallest member with the formidable patents in the patent pool. The strong patents act as lawsuit hindrance from people with wrong motives against bitcoin development.
More cryptocurrency enthusiasts are encouraged to join COPA, to make the bitcoin ecosystem stronger. To learn more about joining COPA, follow this link
Square Crypto CEO Wants Bitcoin As the Internet Currency
Jack Dorsey, CEO of Square Crypto, says that he wants bitcoin as the internet currency. Jack believes that bitcoin is the best manifestation of internet currency so far. Jack’s opinion is likely from the fact that many people want to build bitcoin because it has potential. That is why even the Square Crypto recently formed COPA to support bitcoin growth.
According to Jack Dorsey, Square’s earned $ 281 million, net profit in August 2020, thanks to its Cash App. The Cash App enables bitcoin purchase, which in return gave a revenue of $ 875 million, an increase of 600%.
Jack points out that bitcoin is cost-effective and time-effective. He also says that bitcoin will soon be more intuitive and fast. After internet and bitcoin evaluation, Jack says the two have the same development pattern, and hence, Bitcoin is the best currency for the internet.