BANCOR NETWORK (BNT) files a patent violation against Uniswap (Uni)

• The Bancor Protocol seeks compensation from the Uniswap Labs to use its licensed technology in the last eight years.

• Tim Uniswap Labs is likely to claim that his algorithms of the smart contract are different.

The Bprotocol and Localcoin Ltd. Foundation, which focused on the benefit of the Banco Protocol, filed a lawsuit in the District Court of the United States for southern New York district against Uniswap Labs (Uniswap Labs. According to the announcement, the lawsuit seeks to force the Uniswap Labs to make up for the Bancor network for the use of his algorithmic technology used to enable decentralized exchanges in the last eight years.

“Bancor -‘patented technology is one of the most important innovations in Blockchain, and we are extremely proud of the role he has played in the revolution in the world of decentralized finances. With the adoption of decentralized exchanges of reality, Bancor invention has forever changed as the crypto -valute is carried out, and the innovative mission is in the same technology was in development on the same technology: Richardson, project leadership in Bancor, noticed.

The Bancor protocol team accused Uniswap Labs of benefit from his invention without approval, partnership or profit division. Hayden Adams, founder of Uniswap Protocol, diminished the lawsuit as unfounded.

“Maybe it’s the dumbest thing I’ve ever seen. I look forward to what I don’t think anymore about until the lawyer says we won,” Hayden noticed.

Market impact of lawsuits for BANCOR Protocol on Uniswap

Patent violation against Uniswap Labs is likely to adversely affect other decentralized exchanges with headquarters in the United States if Bancor Protocol wins in the case. However, Uniswap Labs is well positioned to fight the case and possibly claim that the algorithms used in four versions are different from what patents of Bancor claim.

Furthermore, the Uniswap protocol has been developing over the years to allow users to liquidity in decentralized hooks, which are not originally from the Bancor protocol.