Pi Network, a pioneering project that allows users to mine cryptocurrency on their smartphones, has achieved a remarkable feat: it has been officially granted a license by the United States Department of Commerce through the US Patent and Trademark Office (USPTO). This is the first time a crypto project has received such recognition and protection from a US government agency, signalling a positive shift in the regulatory landscape for the crypto industry.
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Pi Network, launched in 2019 by a team of Stanford graduates, aims to democratize access to crypto mining by leveraging the unused computing power of mobile devices. Users can join the network and earn Pi tokens by simply running the app in the background, without draining their battery or data. Pi Network currently has over 47 million users worldwide, making it one of the largest and fastest-growing crypto communities.
The USPTO’s decision to grant Pi Network a license trademark enhances the project’s credibility and value, as it affirms the originality and innovation of its concept and technology. It also provides crucial legal protection for the project, preventing others from copying or infringing on its intellectual property. This recognition positions Pi Network as an entity officially endorsed by a US government agency, instilling trust among users, investors, and potential partners.
The USPTO’s decision also has significant implications for the crypto industry as a whole, as it represents a rare case of government recognition and support for a crypto project. This could pave the way for more innovation and adoption in the crypto space, as well as foster a more favourable and cooperative relationship between regulators and crypto developers. The USPTO’s decision could also inspire other crypto projects to seek similar licenses, creating a more stable and secure environment for the industry.
Pi Network’s licensing is a milestone achievement for the project and the crypto industry, showcasing a bold step towards broader recognition and a deeper understanding of crypto’s potential. As Pi Network prepares to launch its mainnet and enable transactions of Pi tokens, the USPTO’s decision could boost its prospects and popularity, as well as pave the way for more innovation and evolution in the crypto space.
Source: uspto.gov