In September, payments company Square announced the formation of a consortium named The Cryptocurrency Open Patent Alliance (COPA) to promote seamless access to foundational technologies in the cryptocurrency space.
“COPA operates on the principle that open access to patents covering foundational cryptocurrency technologies is necessary for the community to grow, freely innovate, and build new and better products.
Since the announcement, 18 companies have joined COPA and taken the pledge. In addition to Square and Coinbase, current members include SatoshiLabs, Kraken, Blockstream, Transparent Systems, Protocol Labs, Blockstack, Foundation Devices, ARK.io, Blockchain Commons, Carnes Validadas, Request Network, Horizontal Systems, VerifyChain, Cloudeya Ltd., Mercury Cash, and Bithyve.”, says COPA’s website.
Hexa and BitHyve are proud to be one of the first members of COPA. Speaking for BitHyve, CMO Prasad Prabhakaran said, “We are one of the beneficiaries of open source technologies and have been able to build Hexa Wallet upon the selfless work done by others. Open source is the most effective way to reduce the barrier to entry for people to explore the world of Bitcoin. Crypto tech and its adoption is at a very nascent stage and we believe that Bitcoin’s success depends upon the community coming together to build and develop upon existing technologies to innovate. This is severely hindered when parties tie up foundational technologies in patents and litigation. Square and COPA understand this threat, that’s why we decided to support COPA.”
“We are excited to be part of it. I’m sure many more bitcoin tech companies will join this. We’re quite proud to contribute to what Jack and Square have created. It will maintain a shared patent library to help crypto communities defend against patent aggressors and trolls. We invite and welcome all our fellow Bitcoin tech companies to be a part of this and look forward to working with COPA’s board.” Says Prasad.
P.S: Yes we are as uncomfortable using the word crypto as you are reading it.