Square Wants To Stop Patent Trolls From Killing The Bitcoin Adoption

Square wants to find a way to stop the patent trolls from killing the bitcoin adoption, by bringing together crypto companies together. In our BTC news today, we take a closer look at the plan.

Square formed a Cryptocurrency Open Patent Alliance and the members have to pledge not to use their patents except defensively. The patent library will help some members defend themselves if needed. Square wants to stop the process of killing bitcoin adoption by creating this alliance. The American financial services company is a huge proponent of crypto as its Cash app was the best place to purchase BTC. Today, it unveiled the next step in the push for growth and health of the industry, by launching the crypto open patent alliance- COPA.

If you’re tired of grant tweets and patent trolls, we’ve got great news. Today Square is announcing the formation of the Cryptocurrency Open Patent Alliance (COPA). As you know, from Square Crypto to Cash App, Square is in the fight to keep bitcoin and crypto free and open.

— Square Crypto (@sqcrypto) September 10, 2020

COPA continues to focus mainly on open-source technologies that Square crypto started with the grants but expanded the horizons by inviting other crypto companies to join. The companies have to pledge to not assert patents on the “foundational cryptocurrency technology” unless it is to defend those technologies. All members will as well, have to contribute to a shared patent library that allows fellow members to be able to use these patents defensively outside of the patent trolls which will give small companies protection against the patent aggressors:

 “As you know, from Square Crypto to Cash App, Square is in the fight to keep Bitcoin and crypto free and open. The way to do this is to make sure that the tech driving both is available to everyone. The success of cryptocurrencies, as with any new technology, depends on people being able to build what they want, which is not possible when every new idea gets tied up by patent litigation.”

There is growing concern that ‘patent lockup’ could stifle innovation and adoption from Bitcoin to the most obscure cryptocurrency. In order to tackle this problem, the crypto community will need to once again do what it is so famous for and come together for the greater good.”

Square Crypto is the only announced company right now which made a good-faith gesture by opening all of its patents for the COPA members to use as needed. The company will also fund all memberships dues for the first year after which the fees will be determined further. According to the COPA website, the organization will be run separately from Square by nine people, three of which are from the open-source community, three from the founding companies, and three from additional companies that will join later.