One of the most intriguing news stories in recent times is around crypto patents. It has been reported that the Winklevoss twins have obtained a number of patents for stablecoins. What could this mean for the future?
Details of the Crypto Patents
According to records from the United States Patent and Trademark Office, Tyler and Cameron Winklevoss have obtained six patents. This isn’t the first time that they have obtained patents for their cryptocurrency ideas.
Three of them cover the subject of altering the supply on public blockchain stablecoins. Another of the crypto patents is about generating new coins on demand through trusted third parties like banks and exchanges.
There is also the option for stablecoins to be used as collateral in financial transactions, according to another patent. In addition, they cover the situation in which a stable digital asset pays dividends in terms of securities on a blockchain.
At the moment, it isn’t clear whether the twins have specific plans in mind for these patents.
Who Are the Winklevoss Twins?
The Winklevoss twins are among the most interesting and divisive characters in the crypto industry just now. Tyler and Cameron got involved in Bitcoin (BTC) early on after winning a huge settlement from Mark Zuckerberg.
At one point, they claimed to own close to 1% of all of the BTC in circulation. It has been estimated that they own more than $1 billion in Bitcoin. Away from Bitcoin, they also set up the Gemini cryptocurrency exchange.
They are former Olympic rowers and have big plans for the future. These plans include producing the first Bitcoin ETF. In the past, they were involved in the seed funding for BitInstant and launched the Winkdex index. They also spoke out in support of Facebook Libra last year.
Why Are Cryptocurrency Patents Now So Important?
It is clear that more and more people are turning their attention to crypto patents. For example, IBM and Coinbase have both secured patents in recent times.
This offers a chance for companies to gain an advantage over their rivals. There is also the perceived struggle between the US and China for blockchain dominance. The National Intellectual Property Administration has recently clarified the process for obtaining blockchain patents in the country.
It could be that those innovators who manage to get the crypto patents they need are able to define the future of cryptocurrencies. If this is the case, then the race is on for industry leaders to file the patents they are interested in before someone else does.
As with other types of patent, it is certain that many will go un-used. However, in such a fast-moving industry, we can expect to see the best of the patents go on to produce positive changes over time. The twins will be hoping that they have patented the right things to earn themselves another fortune.