The hallmark of the crypto industry since its inception has been its commitment to open source development, as well as its openness-driven spirit. This is best illustrated by the fact that many well-known projects currently operating in the digital asset and decentralized finance (DeFi) sector are mainly based on other well-known projects such as Bitcoin Cash, SushiSwap and many others.
In this regard, the Crypto Open Patent Alliance (COPA), a group working to promote crypto-activated technologies by removing patents as a barrier to growth and innovation, recently welcomed social media giant Meta as a member, and the latter promises to make all crypto patents available . your own within reach of the world.
To clarify, Meta – formerly known as Facebook – issued a statement saying that by joining COPA, it would be one of 30 companies committing to not using “nuclear cryptocurrencies.” Regarding this topic, Alliance General Manager Max Sells noted that the core cryptocurrency patents are related to the technologies that allow “creation, mining, storage, transfer, settlement, integration or security of cryptocurrencies.”
The purpose of the association is to obtain patents from the members to create a collective patent library that will contribute to driving innovation in the global blockchain sector by reducing patent disputes. Shortly after the news came, Twitter co-founder Jack Dorsey praised Meta’s decision, saying the cryptocurrency market works best when everyone (not just the rich) is considered.
The market is responding to the move to Meta
Anthony Trenchev, co-founder and managing partner of the crypto-lending platform Nexo, told Cointelegraph that Meta’s decision to join COPA shows that the multinational is doing something big – in the best possible way – and adds:
“The fact that the company is paving the way for patents on innovative cryptocurrencies and blockchain technologies means that it probably plans to make some of these advances on its own. This is a favorable view of space, and tells us that Meta is part of the building blocks of our future life in the chain. ”
Igneus Terrenus, communications manager at the crypto exchange Bybit, told Cointelegraph that the last few months have not been kind to Meta, primarily with reference to the failed Diem project. In his opinion, however, joining COPA shows that the company’s ambitions in the growing Web3 site have not yet faded, and that the company still sees itself in the ranks of the “economic heavyweight” in cryptocurrency.
A similar view was reiterated by Humayun Sheikh, CEO and founder of Fetch.ai, an open source decentralized machine learning platform, which believes that since Diem is no longer Meta’s core business, the company is ready to explore other areas for its big vision. for Metaverset. However, he noted:
“The vision may look attractive on paper, but blockchain is a highly controversial area where companies will seek to protect their patents. Therefore, it remains to be seen whether this vision can be realized.”
Harjiot Singh, CTO of HUMAN Protocol, a blockchain-based hybrid framework for regulating, valuing and compensating human labor, told the Cointelegraph that while it is best not to get into what the meta-movement can mean in the long run, the development is still exciting. “Meta to become a member of the COPA board not only indicates that they are interested, but really committed to keeping the place open and cooperative,” he added.
Potential effect of COPA
Asked what organizations like COPA can do to develop the crypto sector, Sheikh said that while such alliances may seem very attractive on paper, blockchain is a highly controversial area where companies seek to protect patents. Her own. . “So it remains to be seen if this vision can be accepted,” he said.
He noted that blockchain technology has democratized access to those who could not previously benefit from the new digital economic model, adding that when society creates a new technology, it should “protect it by acquiring patent rights”, and that is why that initiatives such as COPA, can be seen as anti-competitive in the industry.
In addition, Terrenus believes that maintaining the transparency and openness of the crypto industry does not just fall on COPA’s shoulders. However, he said that the company has done its part in recent months, especially with reference to COPA’s lawsuit against Wright.