What is Loci?
Loci is a platform built on the Ethereum blockchain for intellectual property (IP) discovery and mining. Their goal is to become the go-to platform for inventors, by helping promote effective matchmaking of ideas, capital, and talent. In today’s world, it can be hard for an inventor to get his idea out and raise funding to see it through. With the recent growth in blockchains and their ability to transfer value seamlessly, the Loci platform becomes a reality.
Loci can offer immutable proof of IP rights on a global scale by utilizing the Ethereum blockchain. This proof protects inventors and cuts down on outdated and time-consuming processes that are used today to validate IP rights. Loci also has a large database that combines a variety of resources and information provided by inventors. This tool allows someone to quickly search for all known patents and relevant information.
Loci has also invented and patented InnVenn, which is a platform catered to research & development (R&D). It was launched in February 2017. InnVenn provides a Venn diagram of technologies, inventions, patents, and ideas. This visual can help someone see trends and areas that are receiving a lot of attention. These Venn diagrams are interactive and can be modified by the user. The below screenshots show InnVenn, as well as some detail about using InnVenn vs. a Patent Agent.
The LOCIcoin Token (LOCI)
LOCIcoin has a fixed supply of 100 million tokens, and no more will ever be created. It is an ERC-20 token, which means you can store it in an Ethereum wallet. If you don’t have one, check out the “setting up an Ethereum wallet” guide.
The LOCIcoin can be used to pay for accessing InnVenn. 100 LOCIcoin per month will allow you to do this. It serves as the medium of exchange for buying and selling IP. LOCIcoin also allows you to stake ownership of an invention on the Ethereum blockchain. Loci also aims to build a bidding platform, where users would use LOCIcoin to place bids to purchase IP.
Loci ICO Details
The token sale will take place between December 6-31, 2017. The hard cap is $19Mil, which is on the lower side of a lot of recent ICOs. Contributions will need to be made in ETH. They are using a tiered discount system, which is shown in the table below.
The token distribution is fair, with 50% going to launch supporters. The next largest allocation is 34%, and that is reserved to purchase IP and reward platform users. The remaining 16% is split up between the team/partners/advisors and the Non-profit fund. Unsold tokens will be frozen for a 4-year period, with 25% becoming available every year for growing the ecosystem. A visual representation of this breakdown is below:
The fund distribution is weighted heavily towards product development and marketing/operations. A total of 75% of the funds raised will be used in these 2 areas. The remaining 25% is split between Legal affairs, IP services, and security & audit. A visual representation of this breakdown is below:
The Loci team currently consists of 17 people and 8 advisors. This is a pretty large team, which is great because they already have a working product. This takes out the delay we see with a lot of other ICOs that raise money with a team of 2 or 3, and then spend a couple of months hiring people.
The CEO is John Wise. He has a very diverse background, working as a mechanic, crew chief, data engineer, and team manager for some top teams in American racing. This is where he saw the issues with todays patent process and knew there had to be a solution. He is also an experienced inventor in auto racing technologies, having around 1,000 inventions.
The Director of Operations is Brian Hwang. His experience includes strategic partnerships, business development, and operations. He has worked for companies such as Johnson & Johnson, GE Capital, and Ernst & Young. He also helped oversee the development and growth of small businesses and startups.
Eric Ross is the Director of Technology. He was a software developer for over 10 years and worked at a variety of companies. After working as a developer, he moved into management roles and specializes in managing technical people and projects. Some past companies he worked for include National Restaurant Association, Tiger Team Consulting, and Summit Technologies.
Loci is a business that is already running and generating revenue. This is extremely rare in today’s ICO world, so I view this as a huge plus. You can try InnVenn out for free here, so you can see for yourself what this product is all about. The team has experience in this area and looks to be making great progress. Check out some links below to more information about this project!