Gemini’s Winklevoss Twins Win Six Patents To Increase Usability Of Stablecoins
Gemini cryptocurrency exchange founders, Cameron and Tyler Winklevoss recently obtained patents related to six stablecoins, according to filing data obtained from the US Patent & Trademark Office.
The filing information indicates that three out of the six patents, namely the 1st, 2nd, and 5th patents in their list all have something to do with altering the stock of a stablecoin based on a public blockchain.
Of the three, the first part provides a description of how trustworthy third parties, e.g., banks and crypto exchange platforms can produce the stablecoin on demand.
Stablecoins and Traditional Currencies
Of the remaining three patents, the 3rd and 6th patents provide a description pertaining to the process of generating a stablecoin on a public-based blockchain. The 3rd patent also goes as far as stating that stablecoins with official backing can also be used as collateral when dealing with financial transactions that are to be undertaken through the use of smart contracts.
According to the filing information, the 4th patent, which was officially filed on 23rd April 2018:
“relates to the use of a stable value digital asset to pay dividends for securities and other financial instruments tied to a blockchain.”
The Fight for Crypto-related Patents
The growth and maturity of the crypto-verse have forced many firms to invest more in research and crypto-related technologies. As the research results start to trickle in, firms are resorting to patenting technologies that they deem viable.
In late January 2019, Cointelegraph reported that IBM, the technology giant had received a patent that would help it create what is referred to as a “self-aware token.” IBM stated that the development of this token would enable it to record all events pertaining to offline transactions.
Not to be left behind, other notable people who have patented new technologies include Brian Armstrong, the Coinbase CEO. Brian was awarded a patent for a system that would make it possible for Bitcoin holders to send and receive BTC via traditional email.
As 2019 was coming to a close, his company was also awarded a patent for the development of a system that was capable of identifying and recording accounts that were not compliant.