Oracle Sues CryptoOracle for trademark infringement as CryptoOracle uses the word oracle in its domain name as well as numerous social media posts.
Trademark infringement is a crime that has existed almost as long as trademarks have existed themselves. In modern-day and age, the more common crime is federal trademark dilution.
In the United States, the Lanham Act states that a trademark is considered to be famous if it is widely recognized by the general consuming public as a source of goods and services of the mark’s owner.
What does it mean to be widely recognized?
Things that a court considers while determining this are as such: The extent of the trademark’s geographic reach as well as its history. A court assesses how much the trademark was recognized in those areas during those times. Moreover, a court considers how big the trademark’s owner was by assessing the volume of their sales and the regions it affected. Furthermore, the mark should be registered under the Act of March 3, 1881.
CryptoOracle is a comparatively new company that was founded in 2017 as a venture capital (VC) firm that advises companies building their networks across decentralized ledger technologies (DLT).
Complaint by Oracle shows that CryptoOracle uses “oracle” in its domain name as well as in several social media posts.
Regardless, you may ask why is Oracle so tipped off because of this? Well, this is because Oracle has in the blockchain ecosphere. According to the complaint filed by Oracle, due to its vast resources and supreme technology, Oracle was an early adopter of blockchain technology and had been working around it.
Oracle has previously sent cease and desist letters to CryptoOracle suggesting them to change their name, however, to no avail.
Things look bad for CryptoOracle; however, the potential of the word “oracle” and its use relevant to blockchain technology may be able to save them. The concept of oracles has been present for a long time, and considering the concept, it is easy to see why companies would integrate it into their names.