How InvArch’s Partnership with RMRK will Empower NFTs
Non-fungible tokens are becoming more and more popular, we hear about them almost everywhere. From acquaintances, friends, and even celebrities. But these are not just pictures that we are all used to. These tokens are something unique, and at the same time, they represent real financial value.
An NFT is a record on a blockchain that is associated with a particular digital or physical asset. I will talk about two very promising projects related to NFTs, and by providing examples, I will show you what innovations this can bring to the video game industry.
By referencing the RMRK project, which develops and improves the technologies surrounding NFTs, and the InvArch Network, which offers a revolutionary look at solving problems with intellectual property by using NFT technology, and allowing things such as copyright and licensing agreements to take place entirely on chain, while also actively looking to protect your IP using XCA (Cross-Chain Authentication) which will realize plagiarism proof assets once it is finished being developed. The main topic for today’s conversation will be the cooperation between the RMRK and InvArch teams. They announced their partnership in May 2022. But first, we need to get to know the main guests of today’s conversation better.
What is the RMRK protocol?
The RMRK protocol is a set of NFTs that are capable of having the function of adding new attributes. That is, to put it simply, these NFTs can both modify themselves while retaining the original information from the blockchain. RMRK was founded in 2020 by Bruno Škvorc, Web3 Foundation’s technical educator at the time. The RMRK team has successfully developed a set of open source NFT 2.0 standards known as the RMRK standards and the SkyBreach metaverse. The possibilities for such technology could be absolutely endless. The protocol is on the Kusama blockchain (Canary Network). RMRK is the native utility token that is used for:
- Means of payment in the metaverse
- Project management DAO tool
- Curating not only NFT products, but also other projects on the RMRK ecosystem: in DeFi protocols, abstraction of the multi-chain architecture, white-label of RMRK products and apps
So what is the practical application of the project?
RMRK has many use cases, this includes minting fees for NFTs, a currency in the upcoming Kanaria Metaverse, governance, collateral for DeFi and Liquidity Provision and for moving NFTs across chains. $RMRK can also be staked, but rewards are not paid out in the native currency.
The most common problem is attracting ordinary users, and a great example where this is shown is in the world of blockchain games. Ordinary users do not immediately know how to use wallets, sign transactions, and choose projects correctly (to distinguish a scam from a real product). Therefore, the main priorities is to attract gamers and optimize the wallet connection system, including improving its user experience so that it is seamless and does not require a significant learning curve.
In addition, RMRK makes it possible to create tokens for DAO management. For example, a live streamer cannot make a decision while playing the game. He instead proposes a vote for the DAO he is a part of, the members of which are his viewers. Next, the audience chooses what actions to vote on regarding the proposed vote.
Speaking of in-game items (skins), a common pain for game developers and gamers to implement NFTs in video games is the inability to make the same files compatible across different engines. So, for example, a weapon file in Counter-Strike: Global Offensive will not work in Fortnite. But thanks to the RMRK NFT standard, this problem can be completely solved. This could revolutionize the gaming industry as the same item(s) (NFT) can be used in games by different developers for different games!
What is the InvArch Network?
InvArch Network is a blockchain for the tokenization and storage of intellectual property in the form of NFTs. The ownership record is stored as a record on the blockchain that cannot be tampered with or altered. Thanks to this project, securing your IP rights for any idea will become hundreds of times more affordable, compared to the current state of affairs, when you have to either pay a huge amount to acquire a patent for your idea, or challenge the right to it in the courts which is the most common case, because someone else who had enough funds was able to apply for a patent earlier and protect all the necessary rights as their own. InvArch Network uses three main protocols to perform its functions.
The INV4 protocol is used to store intellectual property in the form of NFTs, which are called IP Files (IPFs). They, like any other NFTs, are collected in collections or otherwise known as an IP Set (IPS). IP rights are stored in special IP Tokens (IPTs), which are interchangeable. They can be minted an unlimited number of times, sold, exchanged, or used to set conditions for use. This will change the future of IP forever!
Another very important protocol, like INV4, for today’s conversation, is the XCA protocol. Cross-Chain Authentication (XCA) secures IP assets and authenticates IP Files on Web3. The XCA protocol works like this: if the percentage of similarity is critical when checking multiple IP Files, the original asset will be found by date in the blockchain record, and its owner will be notified of the plagiarism. This principle will make plagiarizing IP assets virtually impossible, and pirating them extremely difficult!
Lastly we have the OCIF (On-Chain Innovation Funding) protocol, which will be deployed in the very near future (October) according to the InvArch team, which is responsible for providing funding for ideas through special capital raising programs: fundraising (IP Staking), price setting, liquidity of tokens and user base (IP Farming), grant initiatives supported by community and funded by charitable organizations (IP Donations).
The Partnership Between InvArch & RMRK
As you can already understand, both projects use NFT technologies for their network’s objectives. The purpose of the newly announced partnership is to bring together developed technologies and help strengthen and improve each other’s technology. The RMRK protocol will provide newer and more advanced NFT 2.0 features for the InvArch Network, which will be used to store intellectual property via the INV4 protocol. Thus, all the achievements and improvements of the RMRK 2.0 protocol become the new standard for files in the ecosystem of not only InvArch, but also eventually all of Web3. On-chain IP licensing embedded in assets, fungible multi-class IP Tokens, IP asset rendering, and Scalable Incentivized Proof of Attendance (SIPA) economic models built on these RMRK-supported IP assets. InvArch will provide its XCA protocol designed to make NFT assets impossible to plagiarize.
I think it’s the perfect partnership that all of Web3 will see the benefits from in the not-so-distant future. The exchange of technologies will only have a positive impact on both projects and on the work being developed/deployed on them in the future. The first results of the collaboration can be seen now in the Tinkernet Parachain, recently launched on the Kusama network as the most advanced NFT-Primitives protocol. It is currently testing the INV4 protocol and the INV4-Git tool. The technologies developed by RMRK play a decisive role in them. It’s great to see two important teams inside Dotsama collaborating to improve the future of the ecosystem for us all!
“I would like to personally add that I have been following InvArch Network and RMRK team for a long time. The projects proved to be excellent and have long proved themselves with their NFT launches, work with the community, and constant updates. I have never met such cool teams! It seems to me that the significance of the projects has not yet been fully disclosed in the industry, so they are very promising for the further development of Web3, and not just for the Polkadot & Kusama ecosystem.” — Haizara#3529
This is Article #2 from the InvArch Ambassador Contributory Process called the “Creation Flow.”
Congratulations to Haizara#3529 who authored this article, and to Wapka#8718, Nullex_tv#5008, and Julissa#5024 for creating the graphic designs featured in this article! 👏
If you would like to follow them on social media, here are their Twitter handles (links included).
InvArch Network is the IP Meta Protocol & Digital Rights Management Network of Web3, the Leading-Edge L1 Blockchain that Redefines the Future of Open-Source Composability & Human Innovation.
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