Dentons is advising Electroneum Ltd, the early stage technology company aiming to transform the world of cryptocurrency, and which has filed a patent application for a technology that combines blockchain, cryptocurrency and mobile ubiquity.
Electroneum has developed an architecture that it says will allow it to do two new things: 1) instant cryptocurrency payments, and 2) cryptocurrency subscription payments.
Firstly, Electroneum has a hybrid model, based on a centralized app combined with a decentralized blockchain. Electroneum says this enables it to instantly confirm payments. Secondly, the hybrid model means Electroneum can prompt a user for permission and then set up a subscription to make a regular payment to a vendor.
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 who is advising on the patent application, 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 due course, the patent application will be examined by the UK patent office and we aim to secure maximum valid protection for our client.”
In addition to Justin Hill, the Dentons team advising Electroneum also includes Patent Attorney Louis Trichard.
Dentons has nearly 800 lawyers and professionals in its TMT and IP teams globally, covering the full range of IP rights, disciplines and applications – both from a contentious and a non-contentious perspective.