Bitcoin start-ups to patent side chain
The United States Patent and Trademark Office (USTPO) has issued a report by bitcoin start-ups submitted by Blockstream and the side chain related patent applications.
The application is submitted in May 9th, released earlier this week, describes the transfer of assets from a main chain to side chain system and method”. The Blockstream CEOAdamBack and CTOGregMaxwell (bitcoin core developers) is the inventor. The side chain is a kind of digital method will allow the congregation raised from a block of chain transfer to another block chain, opened up a new type of application.
The application released in a few months after the patent application, and said the patent application can be used in defensive patent license under. The application describes how the assets transactions between the main chain and side chain, explained:
“Simple payment verification generation associated with the backbone of assets (SPV) of the SPV that may include the scope of work level. Will verify the related assets of the SPV backbone that may generate related assets of the asset side chain backbone. If there is no recombination was detected that the side chain of assets will be released.”
The side chain Blockstream released the first version of the source code in the summer of last year, after the release of the side chain project for bitcoin transactions Liquid.
Get 55 million dollars in A round of financing in February of the block in the chain of start-ups, in the July acquisition of bitcoin wallet startups GreenAddress, to promote the development of its side chain project.