Hive Blockchain Technologies Ltd. is a publicly listed mining firm based in Vancouver, which has been in the business of mining Ethereum and Bitcoin for some years. The firm has reportedly invested heavily in building a reputation in the industry and believes that the use of the name by Hive.io is a violation of its trademark.
The mining firm has stated that it has no association with the Hive blockchain and believes that the use of the name ‘Hive’ and ‘Hive Blockchain’ is intentionally or otherwise, confusing with the company’s brand. The firm argues that the blockchain is tapping into its investment in building “goodwill” in the industry.
The cease-and-desist letter from the legal representatives of Hive Blockchain Technologies Ltd. demands that Hive.io change its name immediately to avoid further confusion and protect the reputation of the mining firm. The firm has also stated that any continued use of the name will only evidence an intentionally predatory, misleading and fraudulent strategy.
CoinDesk has reached out to Hive.io for comment but has not yet received a response.
The legal battle between Hive.io and Hive Blockchain Technologies Ltd. is just one of the many disputes that arise in the blockchain industry due to the lack of regulation and standardized procedures. The use of similar names and trademarks by different entities in the industry can cause confusion among investors and customers.
The Steem fork that led to the creation of the Hive blockchain was a response to fears that Tron founder Justin Sun would seek to exert too much control over Steem’s ecosystem. The plan for Hive is to reproduce all Steem tokens with new Hive tokens on a one-for-one basis. Sun’s large holdings of Steem would not be copied over, leaving him with no power in the new chain’s governance.
Hive is currently trading on several exchanges, including Bittrex, Probit, and Ionomy. The blockchain has gained significant support from the Steem community, with many users migrating to Hive in response to the controversy surrounding Steem.
It remains to be seen how the legal battle between Hive.io and Hive Blockchain Technologies Ltd. will play out. The blockchain industry is still largely unregulated, and disputes such as this are not uncommon. As the industry continues to mature, it is likely that more standardized procedures will be put in place to prevent similar conflicts from arising in the future.
