Money Token Applies for Royalty-Free Patent on Crypto-Backed Lending Technology
WIPO, the World Intellectual Property Organization, has received a new patent application, owned by the MoneyToken project.
The application describes a blockchain-based technology process of decentralized lending, secured by cryptocurrency assets as collateral, that doesn't require vouching agents and that uses smart contracts and multi-signature wallets within the crediting process.
The premise is straightforward: By taking a cryptocurrency-backed loan with MoneyToken, users can receive liquid funds and hold their crypto assets all at the same time.
To gain access to the MoneyToken Private Sale, all users should join the MoneyToken Whitelist.
- Patent application date: December 21, 2017
- Applicant: MONEY TOKEN LIMITED
- Registered inventor: Jerome MacGillivray
Alex Rass and Jerome MacGillivray promise that MoneyToken will not use any actions to enforce the patent against their competitors. MoneyToken has applied the same principles used in the open-source community - a defensive patent of the concept of crypto-backed lending to defend the crypto world from patent aggression and attempts to block development or stifle competition.
Jerome MacGillivray, co-founder of MoneyToken.com:
“We recognise that there are a number of projects out there in the cryptocurrency and blockchain space that are currently developing blockchain-backed lending models. The MoneyToken’s application to patent this technology isn't about restricting the freedom to develop similar solutions within the community — far from it - our intention is to protect these concepts and projects from any centralised monopoly or patent attacks.
A lot of individuals are currently holding their assets — we want assets to work for their holders, not just from growing demand and increased mining difficulty, but through the development of a cryptocurrency ecosystem. That is why we started development of MoneyToken and that is why we are patenting the concept of using crypto assets as collateral. We are doing this to help drive the development of the crypto financial services market.”
The MoneyToken team believes that they are unique in their ambitions to develop a truly global offering, capable of offering loans in multiple stablecoin and fiat currencies, supported by a patented technology solution, on a blockchain-based financial ecosystem covering more than just loan services.
Previously, MoneyToken announced the arrival of Amanda, its Artificial intelligence-based loan assistant, who will provide automated loan services to showcase the MoneyToken platform’s functionality in early 2018.
Company site: https://moneytoken.com
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