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  • JP Morgan to roll out the cryptocurrency in a few months following successful trials.
  • Craig Wright to go against JP Morgan in a patent conflict.

Bitcoin SV (BSV) lead developer, Craig Wright has come out claiming that he had already patented what JP Morgan intends to do with the new JPM Coin. The largest bank in the United States, which also the sixth largest in the world hit the headlines yesterday after announcing plans to issue a cryptocurrency.

JPM Coin which if fully backed the United States-based bank is scheduled to hit the market in a few months after the ongoing trials are completed. The bank intends to use to process payments for its large volume of clients. JP Morgan records a transaction volume of at least $6 trillion a day.

The vocal developer took to his tweeter and told his fans that the new development by the bank will need a complete overhaul due to the patents that are needed. Wright wrote:

“Hey

JP Morgan”¦Patent 32. DFAs Oh, you did not check?

I have patents on what you want to do.

Have a nice life.”

He later replied to the above tweet citing a patent title, “Systems And Methods For Implementing Deterministic Finite Automata (DFAs) via A Blockchain”. The patent which is referenced WO 2018/078584 Ai says:

“The invention relates to a technique for implementing, controlling and automating a task or process on a blockchain such 00 as, but not limited to, the Bitcoin blockchain. The invention is particularly suited for, but not limited to, automated execution of contracts 00 such as smart contracts for financial agreements.”

The content describes a DFA as:

“A mathematical model of computation conceived as an abstract machine which can be in one of a finite set of states, and can change from one state to another (transition) when a triggering event or condition occurs. Its computational capabilities are more than those of combinational logic but less than those of a stack machine.”