Loci has been hard at work implementing new technologies into the InnVenn platform, as well as preparing for the company’s upcoming token sale. Previously, users have been able to use InnVenn to search for whitespace between disparate patent areas and list their patentable ideas as discoverable.
Today, Loci has announced two major updates to the platform that will not only provide added utility to the community but also begin their blockchain implementation phase.
While searching for patents on InnVenn, claims created by users can be displayed as individual dots in their interface and will now be associated with a ‘disclosure event’ detailing users and timestamps written to the Ethereum blockchain. This provides digitally verifiable and immutable proof of the patent research process.
The event and immutable storage of its existence is what forms the basis of how InnVenn can be used to get legal protection for ideas during the patent process.
By extension, Loci has also added new functionality allowing individuals to place bids on any patents or inventions discoverable within the InnVenn interface in the platform’s native currency, LOCIcoin (even on those created outside the platform). Loci has a dedicated team that will then contact the owners of the intellectual property to facilitate a purchase of a license, expediting this traditionally complex process.
The placing of bids will have Loci’s platform function like the Ebay of IP. Loci is not a patent agent and can only attempt to connect purchasers with existing patent owners.
The data from these disclosure events and bid processes will help Loci refine their valuation metric to ensure the patent and licensing process is simple and affordable for everyone.
Loci’s token sale will begin on December 6th (0:00 UTC Time or 4pm Pacific time on December 5th). Updates have been made to the structure of the token sale and distribution strategy. The hard cap has been lowered to $19mil and Loci will be allocating 50% of total coins to the crowd.
These updates to the token sale will bring base price down to $0.33-$0.75 per LOCIcoin. For more information on the token sale, visit Loci’s website.
Loci, a platform for IP discovery, creation, and exchange, is built on patented technology nearly a decade in the making. The company uses a combination of intuitive user interfaces, machine learning, and blockchain technology to optimize this process. Loci will be one of the first to hold a token sale with an already established product, InnVenn, and has its own expansive IP portfolio. Their company profile video can be viewed here on YouTube.