DatChat Secures Patent Approval for Blockchain-Based Communication Systems and Methods

Rhea-AI Summary

DatChat, Inc. (NASDAQ: DATS) has received a Notice of Allowance for U.S Patent Application No. 17/716,185 for Blockchain-Based Communication Systems and Methods. This patent is important for the company's Myseum platform, a digital social media legacy ecosystem where users can curate and preserve their digital content.

The patent covers a proprietary method of using blockchain technology to create a secure, private way for users to share and store digital content such as messages, photos, videos, and documents. CEO Darin Myman emphasized that this patent is a critical step in building the foundation for the Myseum platform, enabling users to share their digital media now and create a digital legacy for future generations.

Positive

• Received Notice of Allowance for blockchain-based communication patent
• Patent strengthens Myseum platform's technological foundation
• Proprietary blockchain method for secure digital content sharing and storage

Negative

• None.

Insights

Blockchain Technology Expert

DatChat's patent approval for blockchain-based communication systems marks a significant advancement in digital content preservation. The technology's decentralized nature ensures enhanced security and immutability, critical for long-term data storage. This could revolutionize how we approach digital legacy management, addressing the growing concern of preserving our digital footprint for future generations.

The patent's scope, covering secure sharing and storage of various digital content types, positions DatChat competitively in the burgeoning Web3 space. However, challenges lie ahead in user adoption and scalability of blockchain solutions for everyday use. The success of Myseum will largely depend on its user interface simplicity and the platform's ability to handle large volumes of data efficiently.

Social Media Analyst

DatChat's Myseum platform, backed by this new patent, addresses a important gap in the current social media landscape - the lack of organized, long-term digital content preservation. This move could potentially disrupt the $58.7 billion social media management market by offering a unique value proposition focused on legacy creation.

The platform's success will hinge on its ability to differentiate from existing cloud storage and social media sharing solutions. Key factors to watch include user acquisition strategies, monetization models and partnerships with established social networks for seamless content migration. If executed well, Myseum could capture a significant share of users concerned about their digital legacy, especially among older demographics and family-oriented individuals.

Financial Analyst

While the patent approval is a positive development for DatChat, investors should approach with caution. As a $13.8 million market cap company, DatChat faces significant challenges in commercializing this technology. The company reported a net loss of $12.3 million in 2022, with only $71,000 in revenue.

The success of Myseum will be critical for DatChat's financial future. Key metrics to monitor include user growth rate, engagement metrics and revenue per user. While the potential market is vast, the company needs to demonstrate its ability to monetize effectively and achieve profitability. Investors should also be aware of potential dilution risks as the company may need additional funding to fully develop and market the Myseum platform.

This patent will allow the Company to own the rights to preserve data for future generations on its Myseum platform

New Brunswick, NJ, Sept. 12, 2024 (GLOBE NEWSWIRE) -- DatChat, Inc. (NASDAQ: DATS), a secure messaging and social media company, is pleased to announce that it has received a Notice of Allowance for U.S Patent Application No. 17/716,185 for Blockchain-Based Communication Systems and Methods.

This Notice of Allowance is indicative of the Company’s larger vision to advance its digital social media legacy ecosystem, the Myseum platform, where users can curate their digital content, ensuring that their most treasured memories are preserved and easily accessible. The patent now covers a proprietary method of using blockchain technology to create a secure, private way for users to share and store digital content such as messages, photos, videos, and documents.

“This is a critical step in building the foundation for our Myseym platform,” said Darin Myman, Chief Executive Officer of DatChat, Inc. “This patent allows us to offer a secure, user-friendly platform for storing and sharing digital assets both now, and with future generations. While most of us have more pictures and videos on our smartphones than ever before, it is actually more difficult to share them in an organized and easily accessible way. Myseum is our new technology platform that enables users to share their digital media now and create a digital legacy that will be easily accessible to future generations of their family and associates.”

About DatChat, Inc.

DatChat, Inc. is a secure messaging, metaverse, and social media company that not only focuses on protecting privacy on personal devices, but also protects user information after it is shared with others. The DatChat Messenger & Private Social Network presents technology that allows users to change how long their messages can be viewed before or after users send them, prevents screenshots, and hides encrypted photos in plain sight on camera rolls. DatChat's patented technology offers users a traditional texting experience while providing control and security for their messages. With the DatChat Messenger, a user can decide how long their messages last on a recipient's device, while feeling secure that at any time, they can delete individual messages or entire message threads, making it like the conversation never happened.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact
ir@datchats.com
800-658-8081

FAQ

What patent did DatChat (DATS) receive approval for?

DatChat (DATS) received a Notice of Allowance for U.S Patent Application No. 17/716,185 for Blockchain-Based Communication Systems and Methods.

How will the new patent benefit DatChat's (DATS) Myseum platform?

The patent will allow DatChat to own the rights to preserve data for future generations on its Myseum platform, enabling secure sharing and storage of digital content using blockchain technology.

What is the purpose of DatChat's (DATS) Myseum platform?

Myseum is a digital social media legacy ecosystem where users can curate their digital content, ensuring that their most treasured memories are preserved and easily accessible for future generations.

What type of digital content can be shared and stored using DatChat's (DATS) patented technology?

The patented technology allows for secure sharing and storage of digital content such as messages, photos, videos, and documents on the Myseum platform.