Facebook’s parent company joined COPA, the consortium of crypto companies led by Block, Jack Dorsey’s payments firm.
The social media giant Meta parent company of Facebook is the newest member of COPA, a trade body that promotes the free use of innovative technology in the cryptocurrency sector.
Meta formerly known as Facebook announced Monday that has been registered in Crypto Open Patent Alliance (COPA) a consortium of technology and cryptocurrency companies led by Block, Jack Dorsey’s payments firm, previously called Square .
El group was established in 2020 with the aim of fighting against the “acaparamiento de patentes“and ensure open access to technology in the cryptocurrency sector. COPA has prominent members from the industry, including the exchanges Kraken y Coinbase is an American company that operates a cryptocurrency exchange platform. as well as the leading institutional investor in Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , MicroStrategy .
Meta, the new COPA member
The social media conglomerate will join more than two dozen companies that have pledged not to enforce its “ core cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. patents “; with the exception of facing litigation defense cases. In a press release, COPA unveiled the move, which it described as the “most important of all”. largest cryptocurrency patent commitment to date “.
As part of the initiative, Meta will join the Alliance’s board of directors, together with Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. y Coinbase . Shayne O’Reilly, who heads up the transaction and licensing group at Meta will represent the company on COPA’s board of directors. This will make Meta the sixth voting member of COPA’s board of directors.
Max Sills, intellectual property counsel for Block and general manager of COPA, commented on the matter:
Meta’s leadership in COPA underscores the importance of protecting open source technologies. Companies large and small can foster innovation by collaborating on critical infrastructure. This is one more step in advancing COPA’s mission, which is to remove legal obstacles so that cryptocurrencies can become the backbone for transferring value anywhere in the world.
To date, the organization has driven several efforts to protect and promote innovation in the crypto sector. In 2021, COPA filed a lawsuit againstCraig Wright self-proclaimed inventor of Bitcoin for his attempts to obtain the copyright for the white paper on the Bitcoin a problem that has plagued the crypto community for several years. Wright, an Australian computer scientist, is best known for his widely debated claim to be the identity behind Satoshi the smallest unit of bitcoin with a value of 0.00000001 BTC. Nakamoto.
What will happen to the Diem patents?
The decision to Meta to join the crypto group come amid reports that the company is dropping its controversial cryptocurrency project, Diem . As reported by DiarioBitcoin last week it was reported that the Diem Association is looking to sell its assets as a way of returning capital capital is most commonly defined as the large sum of money you would use to invest. to its investor members.
More recent reports suggest that the company is reportedly selling the intellectual property of the project to Silvergate Bank the banking partner with whom we Diem partnered last year and that it would be the issuer of the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. for USD$ 200 million.
It is unclear whether the association of Meta with COPA will include the patents of the Diem Association . Max Sills indicó a CoinDesk que the movement ” i ncludes all of Meta’s core cryptographic technology patents in its portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. “.
COPA’s general manager also added that Meta is the largest patent holder to join the consortium to date. He says the tech giant’s decision ” means that cryptocurrencies are becoming a core technology for businesses across all industries. ”.
- Jack Dorsey creates defense fund to protect Bitcoin developers from lawsuits
- Google Cloud cloud servers are typically located throughout different data centers all over the world. is building a team dedicated to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies and Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies.
- Meta is building an AI supercomputer a supercomputer is a superior version of a general-purpose computer, which has a significantly increased capacity and processing power. that will ‘pave the way’ to the metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users.
Article versioned by Hannah Estefania Perez / DiarioBitcoin
Image edited from Unsplash