With the explosive growth of the cryptocurrency market,
companies operating in this industry must consider how best to
protect their intellectual property rights. As new cryptocurrencies
are offered, each with unique names, an important question is
whether the name of a cryptocurrency can function as a trademark.
This article explores this issue and provides practical tips
regarding brand protection in this new space.
What is Cryptocurrency and How is it Different From Government
Currency?
Cryptocurrency is a virtual currency that uses cryptography for
security and a decentralized ledger for recording transactions.
Rather than consisting of physical bills or coins, like a
government currency, cryptocurrency is solely digital. Because it
is represented in computer code, a cryptocurrency can be programmed
to carry a variety of different rights and obligations and perform
manifold functions beyond acting as a payment mechanism. For
example, some cryptocurrencies
