Dentons is advising Electroneum Ltd, the company behind the mobile gaming and online gambling cryptocurrency of the same name, which filed a patent application on Thursday.
The patent application is for a technology that combines blockchain, cryptocurrency and mobile ubiquity, the property of being present everywhere. This corresponds to their plan of becoming the most user-friendly cryptocurrency in the world.
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. We can’t wait to now begin rolling Electroneum’s technology out in the real world.”
Electroneum (ETN) is a mobile based cryptocurrency aiming to provide a digital payment solution to the developing world. While the major proof-of-work cryptocurrencies require expensive mining hardware, Electroneum is mined on the user's mobile phone.
The unique angle is that Electroneum has a hybrid model of a centralized app with a decentralized blockchain. This allows for instant payment confirmations leading to suggestions the app could rival Dash, a cryptocurrency aimed at everyday spending. However, advocates of decentralization worry about the ability of the app to control user's funds through ring-fencing.
Another element of the hybrid model allows for subscription payments as these can be requested on a regular basis from users. This would work similarly to a direct debit as the user gives their permission for the regular payments when the subscription is first set up.
Dr. Justin Hill, partner and Head of Dentons' Patent Prosecution and Opposition practices across Europe, added: "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."
Dentons is the world's largest law firm, a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service. They deliver specialist IP advice across borders with teams in offices around the globe and have nearly 800 lawyers and professionals.
In addition to Justin Hill, the Dentons team advising Electroneum also includes Patent Attorney Louis Trichard.