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Winklevoss Twins adds one more feather to their cap, another patent joins the stack

Keerthana Sundaraj

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Winklevoss Twins adds one more feather to their cap, another patent joins the stack
Source: Pixabay

The world-famous Winklevoss Twins, Tyler and Cameron Winklevoss, have sought the victory of getting a patent dealing with ‘digital math-based assets’ approved by the U.S. Securities and Exchange Commission [SEC] through Winklevoss IP LLP.

Besides the Twin brothers, Evan Louis Greebel, Kathleen Hill Moriarty, and Gregory Elias Xethalis were listed as the co-inventors of the patent. The patent was filed on November 27, 2017, after which it was approved on June 19, 2018.

Counting from December 2017, this is the seventh time in a row that the twin brothers have been awarded the patents encircling cryptocurrency assets and stocks.

The patent aims to develop an application with ‘digital math-based assets’ being the root. This has also delineated several other use-cases of Exchange Traded Fund in the real world. The tokens that have been listed include major whales like Bitcoin [BTC] to blooming grimy tokens like BBQCoin and fiat currencies like the US Dollar.

Exchange Traded Fund is similar to a stock market where the assets [in this case, cryptocurrency tokens] can be listed and collectively bought. This ensures security for the funds as the asset is a combination of all the tokens available in ETF. Hence, even if the value of one token drops, the effect on the value of your asset would be negligible as the value of other tokens will be up.

A patent detailing Bitcoin-based Exchange Traded Fund was submitted by the brothers in mid-2013. However, SEC turned their bid down keeping high concern on the national security regulations and cited two reasons for spurning their bid. They said:

“First, the exchange must have surveillance-sharing agreements with significant markets for trading the   underlying commodity or derivatives on that commodity. And second, those markets must be regulated.”

Their proposal has not been approved yet but cryptocurrency enthusiasts who support ETF are still optimistic that it would be a great add-on to the functionality of Bitcoin [BTC] if ETF goes live.



Dellintelbitcoin, a Reddit user commented:

“They have likely spent a ton of money particularly on legal fees over the years trying to get this ETF approved and they have not given up yet. Gotta give them credit for that.”

Lite_Coin_Guy, a Redditor says:

“”I remember when people said Facebook was a fad,” Tyler says, holding back a laugh. “We saw this movie play out already with Facebook. We feel like we’re in the same movie again, just with a different cast of characters.””





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Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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