Dogecoin Price and Popularity Lands It at the Centre of a Trademark Battle: Details Here
Dogecoin price in India was around Rs. 20 at 3pm on September 17.
Dogecoin's price and popularity put it at the center of a trademark battle - Details Here
The Dogecoin Foundation, a nonprofit organization founded in Colorado by the creators of the original cryptocurrency, is among the complainants.
- Billy Markus, co-creator of Dogecoin, worried about "trademark trolling"
- Meaning people trying to register a trademark without intending to use it
- Trademark identifies the source and provides legal protection to a brand
Dogecoin saw a rapid rise earlier this year, gaining billions of dollars in market value on the back of a strong push from billionaire entrepreneur Elon Musk. But several other cryptocurrencies based on the same popular Shiba Inu meme also proliferated during the same time in a bid to ride the Dogecoin frenzy.
The Dogecoin Foundation, a non-profit formed by the cryptocurrency's creators and supporters in 2014, has now filed an official claim with the US Patent and Trademark Office to make sure the brand name is not misused. The problem is, there are nearly half a dozen others who, too, are out to claim the name.
A trademark identifies the source of goods or services and provides legal protection for a brand. Originally created as a joke on the cryptocurrency universe and inspired by the 2013 viral Internet meme of a Shiba Inu dog, Dogecoin got massive support from Tesla and SpaceX CEO Musk and made impressive gains this year.
However, a battle has erupted over it and several players want to own the popular Dogecoin trademark, according to a report by The Wall Street Journal.
Among them is Moon Rabbit AngoZaibatsu, a Cook Islands-based company, which has filed a claim to obtain the Dogecoin trademark in the US and the European Union. Its founder Angel Versetti has created a new dogecoin on his company's blockchain network and also established another company in Cook Islands called the Dogecoin Foundation after the original Dogecoin Foundation remained inactive, said the report.
But the original Dogecoin Foundation was recently revived. Billy Markus, the co-creator of Dogecoin and one of the board advisors of the foundation, told Benzinga last month that he was concerned about “trademark trolling”, meaning some people trying to register a trademark without the intent of actually using it.
Dogecoin price in India was close to Rs. 20 (roughly $0.25) at the time of writing this report, up from less than a rupee ($0.01) at the beginning of this year.Disclaimer
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