Stakenet is proud to announce we have joined the Cryptocurrency Open Patent Alliance as the 19th member. We believe that cryptocurrency innovation should not be stifled by patents limiting its potential to create real change in the world.
As some of you may be aware we have already been hit with what we believe is a patent placed on research we had been working on by a large company. We published our research on a system we called Exertive Proof Of Stake (EPOS) which used human body activity to mine cryptocurrency. Two days after we published our article someone on behalf of this large company began the patent process on exactly the same thing which they have been awarded. So for us becoming a member and taking a stand against this kind of activity is something that is very close to our heart.
Brittany Cuthbert, COPA Board Member and Senior Counsel at Coinbase:
“As the crypto economy continues to grow, we believe it is important to help empower all projects building towards an open financial system. We look forward to working alongside the members of COPA to create a foundational patent shield for our industry.”
The Cryptocurrency Open Patent Alliance (COPA) is a non-profit community of like-minded people and companies started by Square to encourage the adoption and advancement of cryptocurrency technologies and to remove patents as a barrier to growth and innovation. COPA acknowledges that cryptocurrency technology is built on the collaborative efforts of a community made up of developers, engineers, and designers. The success of cryptocurrency is a direct result of the community coming together to build and develop upon existing technologies for the benefit of all, and we believe COPA will help this happen.
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.
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.
To learn more about COPA check out their website.
Stakenet has built a true next-generation DEX solving many of the issues that currently plague the DEX industry, such as ever-increasing costs and transaction times. Stakenet has built their DEX from the ground up using time-tested Layer 2 technologies such as the Lightning Network and Connext Network.
Using Stakenet’s technology it’s possible to make a layer 2 instant swap between BTC and USDT, and that’s just the beginning. Their tireless efforts have rendered them irreplaceable for crypto.
Key highlights of Stakenet’s Layer 2 DEX:
- It provides instant and virtually feeless cross-chain trading.
- Users retain full custody of their funds at all times as they own the private key for their wallet.
- Projects and users can run their own hub of the DEX which adds further liquidity to it and can support their chosen currencies.
- “Vortex” enables the DEX to share liquidity with other exchanges, both centralized and decentralized.
- It is run entirely on their decentralized Masternode network.
- The community members who run a master node will earn a share of the fees earned from the DEX.
Layer 2 allows Stakenet DEX users to trade faster, cheaper, and more privately than any other DEX available today. Professional trading tools can also be used on Stakenet DEX opening the door for decentralized high-frequency trading. With Stakenet DEX there are only two “expensive” on-chain transactions. Moving your funds off of their main chain to Layer 2 and moving them back on-chain to their main blockchain. Once off-chain, there are no on-chain/gas fees and transactions are settled instantly making it ideal for high-frequency trading.
With more users going towards Layer 2 solutions, Stakenet is a great choice because of its inevitable connection to all other chains. They’ve ensured their long term survival because of Bitcoin’s lightning network infrastructure. Any other project that implements the lightning network is instantly compatible with Stakenet.
Stakenet utilizes their arbitrage/liquidity mining functionality dubbed “Vortex” by their community which is connected to any Centralized Exchange (CEX) or Decentralized Exchange (DEX) that allows API access. Vortex allows users to trade on the DEX and access the liquidity within the other exchanges order books, such as Binance, by utilizing the instant transactions to complete orders on the opposing exchange with confidence.
Find out more about Stakenet at: https://stakenet.io/