Bloomberg News reveals that Square (a payment settlement company owned by Twitter CEO, Jack Dorsey) has joined a Sony, Red Hat, and IBM network to eliminate patent stealing in the crypto space. According to Bloomberg, the network was created sixteen years ago.
Square’s legal adviser revealed that most crypto projects might be sued over intellectual theft. He further said, “we are in an amazing period of growth where patents are not needed to create amazing life-changing projects. But it doesn’t mean we should take things for granted because a patent in the future might lead to many years of court cases among some projects.”
Late last year, Square created a similar network that consisted of Ark and Coinbase as members in a group known as the crypto open patent alliance. As widely reported in various media, the group sued Craig Wright for claiming to own BTC’s white paper.
BTCD Falls Below 41.40% Support Level
The BTC dominance (BTCD) rate has declined along the lower resistance area for over six weeks and recently broke below the 41.40% horizontal level. Its price movement and technical signals show a further decline towards a new low price. Despite attaining a peak of 73.66%, BTCD kept declining till it reached a low of 39.67% in late May.
However, the rate has been rallying since May and even surged past 35% in the past fourteen days, possibly leading to a double bottom. This pattern typifies a bullish pattern, and some indicators (especially the RSI) are already confirming the bullishness.
But a lower low can invalidate this bullishness. Hence, nothing is confirmed yet. Also, the MACD is lowering while the RSI may likely decline beneath 27. Thus, the indicators are yet to confirm that a strong rally is about to happen.
The famous crypto trader with the Twitter handle @theEuroSniper opined that if the BTCD closes less than the 39% area, it can spiral downwards to around 31%. BTCD’s 24-hour chart paints a bearish scenario. BTCD declined to around the 41.60% region six days ago and almost confirmed that level as resistance.
Dapper Labs Scores Agreement With Google
In other news, Forbes reports that Dapper Labs has announced a new deal with search engine giants, Google. The famous Canada-based blockchain firm intends to expand its flow blockchain using Google’s cloud computing technology. Thus, it can serve a larger audience.
Dapper Labs rose to prominence with the success of its NBA Top Shot digital artworks and became a springboard for the soaring popularity of the NFT space. After successfully raising $306m in its latest funding round, Dapper Labs is valued to be worth about $8B. It is backed by several top corporate and individual venture capitalists, including Andreesen Horowitz.
This move is a win for both firms. Dapper Labs will achieve its goal of scaling its platform and reaching a larger audience. At the same time, Google aims to get its share of the profits in the rising blockchain industry, following the footsteps of Amazon and Microsoft, who are already ahead in that respect.