The developer behind decentralized exchange Bacor has claimed IP rights over nuclear technology that forms the basis for the entire Defi industry in a new suit aimed with decentralized Undermine.
The mood, submitted in New York by the units that own Bancor, claim that they own two patents as the complainants say were the first Smart contract Patterns that can “allow all buyers or sellers to act in a fluid and reliable way” in a decentralized environment.
As a result, the mood claims that Uniswap-The second largest decentralized exchange and seventh largest exchange
Overall volume – offends their intellectual property rights on a massive scale.
“The invention replaced the order books and market manufacturers in centralized exchanges with a new system of smart contracts that serve as an” automatic market manufacturer “for decentralized platforms.
“The solution – one of the most important innovations in crypto – is now used in general, including the most prominent at the core of the Uniswap protocol.”
Patents are the US patent number 11107049 and 11574291both entitled “Methods for exchange and evaluation of virtual currency.” According to Bancor, the patents describe a solution to the challenges of creating a decentralized exchange, especially about their ability to determine the value of assets without an intermediary. As the mood describes:
“‘Traditionally, the value of a currency is determined by a transaction between willing parties,’ but ‘to use this method on an unlimited variety of token -types is not viable … In addition, many newly issued token types have only a limited trade volume or none at all,’ which ‘will increase the difficulty of an unlucky variety of an unlimited variety
“The claimed patents then introduce the implementation of a CPAMM (Constant Product Automatic Marketing Manufacturer) Using smart contracts and explaining that “the inventive method allows to determine a token value without relying on a transaction between two willing parties” conventionally performed by centralized exchanges. ”
The patents are dated 2021, but the complainants say the invention was made in 2016. Provisional patents were submitted in 2017 while the solution was presented to the public at the Community Ethereum Development Conference in February 2017.
The suit also says that Ethereum -founder Vitalik Buterin—Vo is not listed as a respondent in the costume – communicated and supported Uniswap’s adoption of the invention, with Bancor claiming that the idea was available (and was rejected by) Buterin 2017. Did not want to move its ecosystem’s focus away from EthicsButerin began to work instead Hayden AdamsFounder of Uniswap, to make a competing decentralized exchange with the same invention. Thus, Uniswap was born.
Bancor is looking for injunctions against Oiswap and treble damage on the basis that Uniswap’s behavior was “intentional” and “Oregious.”
“Since the development of this technology, Bancor’s mission has always been the same: to bring innovative inventions to Defi that drives the limits of what is possible,” Bancor said in a statement.
“But when an organization continuously uses our invention without our permission and does it as a way to compete with us, we must take action. Over the past eight years, Uniswap has used our patented technology in its projects without our permit. As a result, we have taken legal measures to defend our technology to get the entire defi community.”
On x, Adams called the costume “perhaps the dumbest thing” he has ever seen.
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