Tyler and Cameron Winklevoss, the founders of the Gemini cryptocurrency trade, have obtained six stablecoin-related patents, in response to filing
Tyler and Cameron Winklevoss, the founders of the Gemini cryptocurrency trade, have obtained six stablecoin-related patents, in response to filings with the USA Patent and Trademark Workplace.
Three of the patents — the first, second and the fifth on the record — all describe techniques for altering the availability of a public blockchain-based stablecoin. The primary patent describes how trusted third events akin to exchanges or banks can generate the asset, additionally on-demand.
Stablecoins as part of conventional finance
Two of the patents — the third and sixth on the record — describe a system for making a stablecoin on a public blockchain. The third patent additionally means that backed stablecoins might be used as collateral in monetary transactions which are executed through good contracts.
The fourth patent — filed on April 23, 2018 — “pertains to using a secure worth digital asset to pay dividends for securities and different monetary devices tied to a blockchain.” This paper means that dividends from securities like shares might be paid in stablecoin.
The battle for crypto patents
Because the cryptocurrency area is maturing and displaying actual potential, main firms are more and more researching related applied sciences and patenting them. As Cointelegraph reported in late January, tech big IBM has been awarded a patent for the event of a “self-aware token” designed to file occasions of an offline transaction.
Brian Amstrong, the CEO of main crypto trade Coinbase, has patented a system that enables customers to transact Bitcoin through electronic mail and his firm received a patent for a system that identifies and flags non-compliant accounts on the finish of 2019.
Walton professor of knowledge techniques and the director of the Blockchain Heart of Excellence on the College of Arkansas Mary Lacity just lately suggested that the U.S. and China are at present battling for dominance within the blockchain trade. On Feb. 1, the Chinese language patent software course of for blockchain applied sciences was clarified in an try to streamline it and achieve a bonus on this battle.