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Sunday, December 4, 2022

Blockchain Company Accuses Coinbase Of Violating Its Patents In $350 Million Lawsuit

Other centralised and decentralised cryptocurrency exchanges, based on the plaintiff Veritaseum, could have illegally utilised the patents to provide cryptocurrency payments, dealing, and stake services.

Bitcoin exchange Since being accused of breaching a patent linked towards its blockchain – based technology by blockchain software company Veritaseum Capital, Coinbase suddenly discovered itself through legal jeopardy and is currently suing for a huge three-fifty million in damages.

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Veritaseum claims that Coinbase violated its “566 Patent,” which protects payments transfer technique for cryptocurrencies, in a case submitted on Thursday to the U.S. District Court in Delaware by the American legal firm Brundidge & Stanger.

According to Veritaseum, Coinbase leveraged the patents for several of its blockchain critical infrastructure since it focuses on “novel devices, systems, & techniques” that allow participants to “implement value articulation agreements” with little or no confidence” in one another.

Blockchain Based Company Has Accused Coinbase Of Violating Patents:

The legal team added that because the patents is relevant to both proof-of-stake (PoS) and proof-of-work (PoW) blockchains, it may be possible to transmit payment transactions, services for dealing, and holding on networks that use both consensus processes.

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Veritaseum Capital “experienced losses as an obvious and immediate effect,” according to Veritaseum, while the firm “managed to gain massive profits via means of its breach,” which was used to support the three-fifty million number.

The lawyers also mentioned that Veritaseum had warned repeatedly Coinbase in a letter submitted in July about the alleged violation.

In contrast to the firm, additional “centralised and decentralised digital asset exchange” could use “unlicensed proprietary IP” of Veritaseum, according to Vertiaseum’s “Coinbase: Forensics Analysis & Deep Dive” study from July.

The U.S. Patent and Trademark Office granted co-founder Mathew Bogosian and co-inventor of Vertiaseum Reginald “Reggie” Middleton Patent 566 dated December 7, 2021, according to the court filing. However, Vertiaseum omitted to indicate the length of time Coinbase has allegedly abusing Patent 566.

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