Electroneum (ETN) has applied for a patent application for a technology that combines blockchain, cryptocurrency and mobile ubiquity, or the notion of being everywhere.
Dentons, the world’s largest law firm, is advising Electroneum on the application which aims to cement the cryptocurrency as the go-to for handheld devices.
The application focuses on its hybrid model which is the combination of a centralised app with a decentralised blockchain. This allows for two powerful features at the risk of users losing control to a centralised platform.
The app enables payments to be confirmed instantly as opposed to waiting for a reasonable number of node confirmations. It also allows for subscription payments to be made, in a similar way to direct debits. The user gives permission for the regular payment when they subscribe to a service.
Richard Ells, CEO of Electroneum, said, “We have known for months that the technology we are developing had the potential to completely change how the world sees cryptocurrency, and in order to protect it we chose Dentons for their reputation in the IP realm.
“They share our vision for this technology and have been invaluable in helping us file this application. We can’t wait to now begin rolling Electroneum’s technology out in the real world.”
Dr Justin Hill, partner and Head of Dentons’ Patent Prosecution and Opposition practices across Europe, added: “We are very pleased to be working with disruptive early stage businesses like Electroneum. With ambitions to become the largest cryptocurrency in the world by user numbers, the business is taking steps to protect its IP and deter followers.”
In addition to Justin Hill, the Dentons team advising Electroneum also includes Patent Attorney Louis Trichard.
Article written by Tim Copeland
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