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While waiting for the answer, what does this generally means if the patent is granted? Since the code is open-sourced under BSD, can the algorithm be used in other open-source BSD-licensed products, and can corporations then use these products to store data, without needing to pay the royalties on the patent?

The BSD license does not contain a patent grant, so it's technically possible that you'll have to pay to use this software in the future even though it's under the BSD license. I'd really like to see a switch to the Apache license, which does contain a patent grant.

So if I release my code under Apache license, and later it is found that it happens to infringe on a patent, am I liable to pay the damages on behalf of anyone using my code and getting sued based on the patent infringement?

Or, to put it another way - what is the best "free" license for a developer to release his/her code under? I don't really even care about mentioning my name in derivative works.

I'm no expert, but as far as I'm aware the Apache grants the user a license for your relevant patents. The GPL3 goes a step further and grants the user a license for any patents you have a license for whether its your own or one you licensed from somebody else. Since neither situation likely applies in your case, the BSD and Apache licenses are basically functionally identical. However, by choosing the Apache license you are telling potential users that you don't have any "sleeper" patents, so you might get better uptake.

If somebody later asserts a patent against your code, both you and your users are screwed no matter what license you choose. But the choice of license might influence who might help you out if that happens...

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