I really wish the ETN crew would address patent news from other cryptos or the major players like Square. I have put faith in ETN because of DENTOS and talk of a patent, however I become more worried the less we hear from ETN and the more news like Square securing an instant payment crypto solution.
Any insight would be great?
-T
Im also interested in this too and is alittle worrying however I have heard some say there payment system works differently. Lets not forget Electroneum still have the advantage that you can mine for free.
Fair, but mining for free is an easy feature any crypto could provide. The API patent was suppose to be the keystone project that separates ETN from the others. I am somewhat familiar with patents, so i know that the square patent doesn’t block ETN from securing their own…it just means bigger players (VISA, MC, etc.)
I don’t remember the patent being the keystone, on the original ico it was about mobile mining and mass adoption. I think mobile mining and how easy it is to setup Electroneum is still a really strong point for us. But I still share your concern about this news didn’t enjoy reading it.
I totally agree. So the ETN only has to grow.
Good your comment.
" According to the patent, this does not completely eliminate the risk of double spend attacks, but it transfers that risk from the merchant to the payment service."…NOT like ETN Instant payment at all…!!!
Surely big companies will mimic products and patents. If they get fined but help bring in finance and it won’t matter. It happens with Samsung and Apple all of the time. I havent lined them up side by side. But I’m hoping ours gets patented and secured. The most important thing is growing the business and making a real world currency
The square garbage payment app is just a quick and dirty method. It’s a just a private blockchain deployed/integrated with their stupid app to verify that a transaction supposedly occurred before the real blockchain records the ledger. Sorry, but that just isn’t good enough. Especially if I were a big-time vendor with a big legitimate business, I would go with ETN’s insta-pay method because it first verifies that the coins are actually there, then it puts a “ring” around those coins to ensure that they do not go anywhere else other than to the vendor. Plus, all of this is done through a centralized platform run by Electroneum that has improved security through Hackerone. Beyond that, the “square” payment app just doesn’t matter. It would have no impact on ETN. If a vendor wants exposure to millions of consumers, they would join the ETN ecosystem even if they are also using the square method. So I don’t see what difference it makes anyhow for there to be another competing app.
he hit the nail on the head. access to a 3 trillion dollar market. Thats what ETN is doing.
Yeah i don’t think the square would be an issue against ETN there will be a lot of patents that might look like each other but i honestly think that the patent that ETN has is much different and very well thought through.
