Global innovation is presently impeded by the prevalence of archaic Intellectual Property (IP) laws which not only make the process of conducting research challenging, but also make it difficult for individuals to file patents. The systems which we presently use for connecting patent attorneys, inventors, and corporate analysts are insufficient and have been found to cause an immense loss in overall individual productivity.
Loci can be thought of as a context-based research tool which allows customers to search through an exhaustive database containing details on a host of resources procured directly from researchers and inventors. Thanks to blockchain technology, Loci is able to serve as an immutable proof of intellectual property rights on a global scale.
The platform makes use of a comprehensive search protocol that presents users with relevant, verifiable information pertaining to all known patents in existence around the world. It should also be mentioned that Loci’s native InnVenn module provides customers with a visually appealing outline of specific information such as:
- Available technologies
- Patents
- Inventions
Additionally, InnVenn also makes use of a Fuzzy Concept Mapper along with other algorithmic protocols such as:
- Contextual Searching
- Predictive Analytics
- Heuristics
- Bayesian Statistics
InnVenn is a patented technology which helps Loci analyze current research trends as well as map and discover new ways in which existing research materials can be linked with each other. The result is innovative breakthroughs not only within the digital domain but also within various scientific fields such as mechatronics and nanotechnology.
Overview of the platform
- Its patented ecosystem allows users to search for cutting-edge research work taking place across the globe.
- Loci aims to establish a transparent valuation metric for existing IP.
- The platform is highly user-friendly and can be used by everyone without much hassle.
- Its native currency helps make the current patenting process faster and more streamlined.
- It helps establish a transparent channel of communication between inventors, investors, and other third parties.
Key Features
Loci’s key offering is its Fuzzy Concept Mapping System, which allows the platform to address some of the most pressing issues faced by inventors worldwide.
Comparison of Loci’s patent mechanism and conventional patent systems
The InVenn module is designed to incorporate features such as a document search tool that presents users with data sets in the form of a Venn diagram rather than a list of items.
Additionally, InnVenn also has the ability to track search results and enhance a user’s control over the patent process by tailoring one’s project to something that can be recorded and displayed to an external filing committee without any major issues.
Other advanced protocols that the platform deploys include a cluster and concept-based search module that helps improve user efficiency and reduces the need to analyze thousands of results that inventors and patent attorneys often must sift through before the novelty of a particular invention can be determined.
Overview of Loci’s filing system
It is also worth mentioning that this platform helps inventors stake their claims by acting as a blockchain-integrated public disclosure platform. As a result, Loci allows researchers and investors to better understand the workings of this sector, thereby maximizing their productivity and work efficiency.
Lastly, through the integration of blockchain technology into Loci’s InnVenn module, the platform allows for the creation of an immutable data point that contains a timestamp of an invention’s public disclosure.
How the platform works
First and foremost, with Loci’s InnVenn module, customers are able to determine whether they can prove the novelty of their invention as well as meet some of the other statutory requirements necessary to begin a formal patent application.
Overview of how the Loci ecosystem works
The platform also allows the user to refine his or her concept to make sure that their product stands out from similar offerings that are already on the market.
Once the uniqueness of one’s concept has been established, inventors then have the option to disclose their creation publicly by filing a claim on the InnVenn platform. If successful, Loci then blocks other inventors within the system from claiming the same space.
Lastly, it is also worth noting that Loci creates a third-party verification event that helps reinforce the fact that a public patent disclosure has occurred and is publicly viewable on the platform.
About the venture
John Wise is the CEO of this project. He has been in the digital domain for over a decade and is also the person behind Loci’s innovative Fuzzy Concept Mapping technology.
Eric Ross is the core technological head for Loci. Eric has been a software developer for more than 10 years, and has worked for an array of companies involved with blockchain systems and cryptocurrencies.
Lastly, Brian Hwang is in charge of Loci’s management and operational activities. According to his LinkedIn profile, Brian boasts strong expertise in areas such as:
- Strategic partnerships
- Business development
- Urban operations
He is an alumnus of the University of Illinois at Urbana-Champaign with a dual B.S. degree in Finance and Accountancy.
Token Performance History
Since Loci tokens have only been in the crypto market for a couple of months, it is still not clear as to how this currency will perform in the near future.
Loci token lifetime performance chart (courtesy of Coinmarketcap)
According to the chart above, Loci was introduced into the market at a base rate of around $0.488.
However, since its initial bull run, the currency has steadily declined in value, and the price of a single token currently stands at $0.099 (as of April 12, 2018).
Final Thoughts
With Loci promising to help create a paradigm shift in terms of how ideas are valued, it would not be surprising to see this project being featured among the top crypto ventures of 2018.
Also, since there are no blockchain-based systems to streamline the patenting process, this technology can potentially foster innovation at an unprecedented rate.
If you would like to start investing in this service, Loci trading pairs are currently available on online exchanges such as Kucoin and IDEX.
