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News

DeFi Education Fund Takes a Stand Against “Patent Troll” Lawsuit to Safeguard Cryptocurrency Innovation

September 12, 2023 - Around 2 mins mins to read

Key Points:

  • The DeFi Education Fund has filed a petition against a “patent troll” lawsuit by True Return Systems, which alleges patent infringement by MakerDAO and Compound Protocol, to defend the open-source nature of cryptocurrency innovation.
  • This legal battle underscores the crucial fight to protect DeFi’s ability to use open-source technology, highlighting concerns about patent trolls that could hinder industry growth and innovation.
In a decisive move, the DeFi Education Fund, a prominent DeFi advocacy organization headquartered in Washington, D.C., has taken legal action against a lawsuit filed by technology company “True Return Systems.” 
DeFi Education Fund Takes a Stand Against "Patent Troll" Lawsuit to Safeguard Cryptocurrency Innovation

The lawsuit targets two leading DeFi platforms, MakerDAO and Compound Protocol, alleging patent infringement. The DeFi Education Fund’s response comes in the form of a petition submitted to the U.S. Patent and Trademark Office in the District Court for the District of New York.

At the heart of this legal battle is the cryptocurrency industry’s ability to utilize open-source software, a foundational principle that has driven innovation and growth in the decentralized finance (DeFi) sector. The DeFi Education Fund‘s intervention seeks to protect this essential aspect of the industry.

True Return Systems claims ownership of a patent issued in 2018, asserting that it covers a process for transferring off-chain data onto the blockchain, including the use of oracles. The lawsuit highlights the rising concern of “patent trolls” in the blockchain space, entities that acquire patents not for innovation but for litigation and financial gain.

The DeFi Education Fund‘s stance is rooted in the belief that such patent claims could stifle innovation and limit the ability of DeFi projects to continue utilizing open-source technology for the betterment of the industry. By challenging the lawsuit, the organization aims to defend the broader cryptocurrency ecosystem from potentially damaging legal precedents.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

DeFi Education Fund Takes a Stand Against “Patent Troll” Lawsuit to Safeguard Cryptocurrency Innovation

Key Points:

  • The DeFi Education Fund has filed a petition against a “patent troll” lawsuit by True Return Systems, which alleges patent infringement by MakerDAO and Compound Protocol, to defend the open-source nature of cryptocurrency innovation.
  • This legal battle underscores the crucial fight to protect DeFi’s ability to use open-source technology, highlighting concerns about patent trolls that could hinder industry growth and innovation.
In a decisive move, the DeFi Education Fund, a prominent DeFi advocacy organization headquartered in Washington, D.C., has taken legal action against a lawsuit filed by technology company “True Return Systems.” 
DeFi Education Fund Takes a Stand Against "Patent Troll" Lawsuit to Safeguard Cryptocurrency Innovation

The lawsuit targets two leading DeFi platforms, MakerDAO and Compound Protocol, alleging patent infringement. The DeFi Education Fund’s response comes in the form of a petition submitted to the U.S. Patent and Trademark Office in the District Court for the District of New York.

At the heart of this legal battle is the cryptocurrency industry’s ability to utilize open-source software, a foundational principle that has driven innovation and growth in the decentralized finance (DeFi) sector. The DeFi Education Fund‘s intervention seeks to protect this essential aspect of the industry.

True Return Systems claims ownership of a patent issued in 2018, asserting that it covers a process for transferring off-chain data onto the blockchain, including the use of oracles. The lawsuit highlights the rising concern of “patent trolls” in the blockchain space, entities that acquire patents not for innovation but for litigation and financial gain.

The DeFi Education Fund‘s stance is rooted in the belief that such patent claims could stifle innovation and limit the ability of DeFi projects to continue utilizing open-source technology for the betterment of the industry. By challenging the lawsuit, the organization aims to defend the broader cryptocurrency ecosystem from potentially damaging legal precedents.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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