The Bitcoin API provider, BitGo, Adopts Innovators Patent Agreement

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The Bitcoin API provider, BitGo, Adopts Innovators Patent Agreement

Though the Bitcoin API provider, BitGo, received backlash when filed a patent for multi-sig technology the company developed, a balanced reply came from the company to address the controversy. In its response the company says it has commitment towards its support for free technology by open sourcing their Chrome app today.

In the announcement, the company had said:

Today we’re excited to announce BitGo’s decision to internally adopt the Innovators Patent Agreement (IPA), a framework for patent assignment that allows engineers, designers, and other employees to retain control of patents stemming from their inventions. BitGo has no issued patents as of today, but intends to use the agreement if and when any patent may be issued.

Uproar in Reddit

Once the announcement regarding the patent came in, a user discovered the same and posted the finding on the Reddit website. BitGo which often faces a lot of criticism in the sub from the fellow users was again at the receiving end as the post caused uproar. Though a reply came from the company that they support the elimination of software patents completely, a lot of damage was done.

Responding the Reddit post, BitGo Co-Founder Michael Belshe, said:

First off, note that I also was the co-inventor of spdy, which has just recently become http/2.0. During the course of creating spdy, we filed a slew of patents. I, and the other engineers on the spdy team, all made sure that Google was willing to give that IP away for free before we filed the patents. Google came through on its promise to give away the IP.

Core of the Company is Security

He recognizes the value of making technology open, mitigated with the reality that all the competitors have patents too. Citing a 2008 blog post he wrote, he called for patents to be more restrictive and defensive. Nonetheless, the company says the main product is its API for Bitcoin exchanges and other businesses to securely store handle and transfer Bitcoins.

BitGo agrees that at the core of the company is security, and to further their commitment they have open sourced their Chrome app. The company says, “We think the open sourced code is a great starting point for people who want to build their own apps to interact with the BitGo API, and we hope you’ll agree.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com