Connect with us

Crypto

NanoLabs sues Coinbase over Nano trademark infringement

Published

on

AA6C30A6F682ED389E1BA4BA5C80B4292745D7E4755111C346BEEF72C3AF1107.jpg


Advertisement
NanoLabs, the company behind digital currency Nano, has filed a legal complaint against Coinbase, a leading crypto exchange, for alleged trademark infringement. According to the complaint filed on February 24, 2023, in the California Northern District Court, NanoLabs has accused Coinbase’s Nano Bitcoin futures contract and Nano Ether futures contract products of infringing on its trademark rights.

NanoLabs claims that Coinbase’s offerings are “derivative products” based on Bitcoin (BTC) and Ether (ETH), which are “identical or highly similar” to Nano. It also alleges that Coinbase targets the same type of consumers as NanoLabs, and the trademarks for Coinbase’s products are “identical, and confusingly similar,” to NanoLabs. Additionally, NanoLabs claims that Coinbase had full knowledge of the Nano digital currency before launching its products, as evidenced by correspondence between the two companies in 2018.

Advertisement

NanoLabs argues that Coinbase should have known that offering Nano Bitcoin on the Coinbase Derivates Exchange would further consumer confusion, especially since the Nano Digital Currency is not listed on the Coinbase Exchange, and Coinbase provides no disclaimer, distinction, or education to consumers to this point.

The complaint states that Coinbase’s infringement has caused NanoLabs economic detriment and weakened its brand identity, resulting in “actual damage and irreparable harm.” NanoLabs is seeking at least $5 million in damages, corrective advertising from Coinbase, destruction of all materials infringing on the Nano trademark, and forfeiture of all profits Coinbase made using Nano trademarks. NanoLabs has requested a jury trial.

Advertisement

Colin LeMahieu founded the Nano digital currency in 2014 under the name RaiBlocks, and it was later rebranded to Nano on Jan. 31, 2018. Coinbase launched its Nano-branded offerings years later, introducing the Nano Bitcoin futures contract in June and the Nano Ether futures contract in August.

This lawsuit could have significant implications for Coinbase and the broader cryptocurrency industry, as it raises questions about the use of similar or identical trademarks for different digital currencies. It also highlights the importance of intellectual property rights in the rapidly evolving and highly competitive crypto industry.



Source link

Advertisement

Advertisement

Crypto

OKX Launches AI Integration for Crypto Market Volatility

Published

on

By

848D654B37EB4718C882823208A86157D7AE7A5446C2868EE80DC7E6340F42A0.jpg


Advertisement
Artificial intelligence (AI) is becoming increasingly prevalent in the crypto industry, with OKX leading the way in integrating the technology to enhance user experience. On March 31, the cryptocurrency exchange and Web3 technology company announced a new integration from EndoTech.io that utilizes AI algorithms to capture crypto market volatility.

The algorithms used in the integration incorporate machine learning and other advanced techniques to conduct real-time analyses of data and trading opportunities. According to Dmitry Gooshchin, chief operating officer of EndoTech.io, understanding market volatility is essential for successful trading in the crypto space.

Advertisement

OKX’s adoption of AI in the crypto industry is not new. The company recently posted an AI-generated poem from ChatGPT-4 about its wallet on March 30. The poem was an example of how the AI technology can be used to enhance user experience and engagement.

The integration with EndoTech.io is just one example of how AI is finding various use cases in the crypto industry. It is not only used to identify real-time market volatility but also for tracking blockchain transactions, deploying autonomous economic agents for trading, and more.

Advertisement

In everyday life, AI is now used for personal assistant-like tasks, social media, and customer service needs, among other use cases. However, not everyone is convinced of the benefits of AI technology. Recently, a letter signed by 2,600 researchers and leaders in fintech called for a pause in AI development. The letter highlighted the concern that “human-competitive intelligence can pose profound risks to society and humanity,” among other issues.

While opinions on the impact of AI in the crypto industry may be mixed, OKX continues to push forward with its AI integration strategy. This new platform update comes only a few days after the company announced its intention to expand its services to Australia while shutting down its former operations in Canada.

Advertisement

As AI technology continues to evolve, it will be interesting to see how it shapes the future of the crypto industry and society as a whole. While there may be concerns about its impact, the potential benefits of AI cannot be ignored.



Source link

Advertisement
Continue Reading

Crypto

Tech leaders sign open letter calling for AI development halt

Published

on

By

A7A33688E9DEA1C4F407DF626E97EB27ECBA79F07DD1C96C83BE5F1E54779B51.jpg


Advertisement
Over 2,600 tech industry leaders and researchers, including Tesla CEO Elon Musk and Apple co-founder Steve Wozniak, have signed an open letter calling for a temporary halt on any further artificial intelligence (AI) development. The letter expresses concerns about the potential hazards to society and mankind posed by AI with human-competitive intelligence, citing the risks of AI systems that may be able to learn and evolve beyond human control.

The signatories of the letter urge all AI firms to immediately cease developing AI systems that are more potent than Generative Pre-trained Transformer 4 (GPT-4) for at least six months. GPT-4 is a multimodal large language model created by OpenAI and the fourth in its GPT series. The aim of the proposed moratorium is to allow time for comprehensive risk assessments to be carried out and for the development of new safety protocols.

Advertisement

However, the petition has divided the tech community, with some opposing the call to halt AI development. Coinbase CEO Brian Armstrong, among other notable names, voiced his opposition to the petition, stating that “committees and bureaucracy won’t solve anything.” Armstrong added that there are no designated “experts” to decide on this issue and that not everyone in the tech industry agrees with the petition.

Armstrong argued that the risks of new technologies, including AI, are an inherent part of progress, and that centralization in decision-making will bring no good. He reminded that any new technology poses a certain amount of danger, but the goal should be to keep moving forward.

Advertisement

A columnist at LA Times, Brian Merchant, called the petition an “apocalyptic AI hype carnival” and stated that many of the stated concerns are “robot jobs apocalypse” stuff. Meanwhile, Satvik Sethi, a former Web3 executive at Mastercard, described the petition as a “non-proliferation treaty but for AI.” He added that many of the popular signers on the list have a deeply personal vested interest in the AI field and are likely just “trying to slow down their counterparts so they can get ahead.”

The debate around the open letter highlights the complex and multifaceted challenges of AI development. While some experts view the potential benefits of AI as significant, there are also concerns about the potential risks to society and mankind. The debate highlights the need for continued discussion and collaboration among all stakeholders to ensure that the development of AI is safe, ethical, and aligned with the long-term interests of humanity.



Source link

Advertisement

Advertisement
Continue Reading

Crypto

US Government to Sell Seized Silk Road Bitcoin

Published

on

By

7C2056C7BD2361AD1F78A0E81417C08BDC7884A66728F4940BD9861401EEB6A3.jpg


Advertisement
The United States government has announced plans to sell more than 41,000 Bitcoin that were seized as part of the case against Silk Road creator Ross Ulbricht. The news comes from a filing submitted to the U.S. District Court for the Southern District of New York on March 31, which detailed the ongoing proceedings against James Zhong.

The U.S. government authorities have already begun liquidating roughly 51,352 Bitcoin (BTC) seized in the Ulbricht case. The filing reported that officials sold around 9,861 BTC for over $215 million on March 14, which leaves approximately 41,491 BTC remaining.

Advertisement

According to the court filing, “The Government understands it is expected to be liquidated in four more batches over the course of this calendar year.” It remains to be seen how the Bitcoin market will react to such a large influx of cryptocurrency hitting the market, but it is likely that this news will generate significant interest among investors.

Silk Road was an online black market that allowed users to purchase illegal goods and services using Bitcoin. The website was shut down by the FBI in 2013, and its creator, Ross Ulbricht, was arrested and sentenced to life in prison without parole in 2015.

Advertisement

The U.S. government’s seizure of the Bitcoin associated with Silk Road was one of the largest cryptocurrency seizures in history. At the time, the Bitcoin was worth roughly $1 billion, although its value has since increased significantly.

This announcement from the U.S. government is just the latest in a series of moves to regulate the cryptocurrency industry. Regulators around the world are increasingly concerned about the potential for cryptocurrencies to be used in illegal activities such as money laundering and terrorism financing. As a result, we can expect to see further scrutiny of the industry in the years ahead.

Advertisement

In conclusion, the U.S. government’s decision to liquidate the seized Silk Road Bitcoin is likely to have a significant impact on the cryptocurrency market. Investors will be closely watching the market to see how it reacts to such a large influx of Bitcoin, and regulators will be keen to ensure that the cryptocurrency industry is not used for illegal activities. We will continue to monitor this developing story and provide updates as they become available.



Source link

Advertisement
Continue Reading

Trending