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Square Announces the Cryptocurrency Open Patent Alliance, a Non-Profit to Fight Against Stifling Innovation

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Square has announced the formation of a new group, a non- profit, the Cryptocurrenncy Open Patent Alliance (COPA) to fight the hoarding of patent and to keep bitcoin and crypto free and open. The financial payment firm led by Jack Dorsey said there is a growing concern that “patent lockup” could ‘stifle innovation and adoption from bitcoin to the most obscure cryptocurrency and in order to tackle the problem, the entire crypto community will need to once again’ do what it is famously known for and that is to come together for the greater good.

According to Square, the Cryptocurrency Open Patent Alliance (COPA) – open-patent.org is an industry-wide invitation to the patent equivalent of an open-source community. it has two approaches which includes a pledge that no member will ever assert their patents on foundational cryptocurrency technology, except defensively and that the creation of a shared patent library that lets members use each other’s patents as needed defensively, giving even small companies a shield with which to protect themselves against patent aggressors.

The Crypto firm believes that as more companies join and the shared patent library grows, the entire industry will be freer to continue in the pursuit of the future which crypto enthusiasts see. Square made a commitment as a first move to opening up all its crypto patents for future COPA members to use.

The COPA website reads “We believe there needs to be a global native currency for the internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, so too should everyone be able to participate in cryptocurrencies and have access to its underlying innovation.”

The financial payment firm Square said it is committed to making its foundational technology on cryptocurrency available for everyone to use and as cryptocurrency technology and adoption is in its nascent stage, its successes is dependent on the community coming together to build and develop on existing innovations, but this is not possible when foundational technologies are tied up in patents and litigation.

Square hopes that the organization will transform the way patents are viewed and used in the crypto world and that “it will help patents contribute to further innovation and advancement of cryptocurrencies rather than operate as obstacles.”  According to Square, it envisions COPA evolving over time and look forward to discussions and feedback from the community to realize this mission.