As the famed economist John Manyard Keynes once stated:
“Ideas shape the course of history”
But how many ideas are never realised because of global intellectual system which is outdated, overly complex and inefficient?
Loci is a new decentralised platform which wants to completely transform the invention process.
It plans to do this by enabling investor to discover and mine IP (Intellectual Property) on the blockchain.
Problems With The Existing Invention Process
The current patent process is flawed in a number of aspects. These flaws are causing limits on the rates of innovation and discovery.
The patent process is currently extremely expensive. It can cost tens of thousands of dollars in order for inventors to patent their IP. This process is also slow, taking on average about three to five years to process.
Combined with this is a lack of transparency. IT takes about sixteen months before the average patent filing is published. To top it off there is no guarantee that once an inventor goes through this process that they will actually make money. In fact its estimated that only roughly 3% of patents ever make their inventors money.
How Loci Would Improve This Process
Loci is introducing the InnVenn platform. This platform will act as an integrated IP asset exchange. Using this IP asset exchange inventors will be able to create immutable proof of their IP. This will be added to an Ethereum blockchain creating complete transparency for everyone.
This IP asset exchange will also provide a platform for buying and selling the rights to IP. This is designed as a quicker alternative for monetising ideas.
Finally, Loci will include a visual search tool that will make it easier to locate patents and understand the context within which they sit.
Loci Token Sale
From December 8th to 31st 2017 Loci will be holding a token sale. During which the LOCIcoin token will be distributed. Loci has a goal of raising up $USD19 million.
You can learn more about the Loci token sale here:
Loci Website: https://locipro.com/
Loci Whitepaper: https://locipro.com/wp-content/uploads/2017/12/loci-full-whitepaper.pdf