For Intellectual Property (IP) owners, filing a patent to protect their IP is a time consuming, expensive, but necessary process. Loci, whose ICO is running this month, aims to improve this process through their InnVenn platform.
InnVenn allows users to search existing patents, research their ideas, and claim proof of ownership, leveraging blockchain and machine learning technology.
We asked the Loci team a few questions about their ICO.
Why are you launching an ICO rather than seeking venture funding?
We are launching an ICO to create a useable utility token ecosystem to fuel the InnVenn platform. InnVenn is our DIY patent research tool that allows users to search for and easily understand previously claimed patents in the space represented within a Venn diagram. Of course, we would also like to open the opportunities to get in on the ground floor of LOCIcoin to our loyal community.
How does blockchain technology make your product better than traditional technology would?
Blockchain technology fuels the vision of the InnVenn platform as an immutable and transparent registry of ideas. We do, however, need to work within the existing patent regulations, but thanks to this cutting-edge technology, we are able to help inventors alongside the current system. We are able to leverage an event within the system when someone views a claim within our system as a disclosure. In IP speak, a disclosure grants an exclusive 12-month period for filing for a patent, and we record that disclosure on the blockchain in order to immutably store data to allow protection of the right of the creator to patent their idea.
How does tokenization improve your product?
LOCIcoin gives inventors the chance to stake a claim on the InnVenn marketplace and participate in IP pools. It is common for big name corporations, in order to broaden their patent rights, to sweep up large “pools” of individual inventions. These inventions belong to somebody and that somebody could be you if you stake a claim on InnVenn. Every inventor in an IP Pool gets a payout in return for the company gaining rights to his or her invention. The other benefit tokenization gives us is a standard, international valuation metric for IP across the world and based solely on the value of the underlying asset beneath the token. That is already built into our bidding process for IP within InnVenn.
Describe your ideal token buyer for your ICO.
We want to help inventors, entrepreneurs, small business owners and anyone with a bright idea secure rights to their intellectual property. We also want to make lawyer’s jobs easier when it comes to researching prior patent claims for their clients. Basically, if you are or work with an entrepreneur with a new idea, InnVenn will be a great tool to have in your toolbox.
What’s unique about your team?
Our team is built of some of the most dedicated and talented people I have had the pleasure of working with. We really wouldn’t be where we are today without their commitment to our vision. Our CTO is a technology expert with heavy background in development and takes security very seriously. The COO is an expert in business strategy development from start ups to big name corporations. We are all driven by the goal to revolutionize the patent research and creation process and using blockchain technology to do it.
What are your team’s core values / principles?
The Loci team believes in allowing everyone to reach their true potential. That’s why we are passionate about making it easier for people to patent their intellectual property, so people can protect their great ideas
Loci’s ICO is open through the end of December.
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