Hello, InvArch Ambassadors (and fellow community members reading this article)! This quarter has been one for the record books; amassing over 10,000 new Discord members, over 3,000 new followers on Twitter, over 500 InvArch Ambassadors, and that’s just on the community side! On the tech side, the team behind InvArch was awarded a grant from the Web3 Foundation for the development of the custom Substrate Pallets for IP Files, IP Sets, and IP Token utility. Breakthrough announcements have been made revolving around the creation of a cross-chain authentication mechanism. As we speak, the team is working on a new technology called SmartIP Contracts, which are smart contracts stored, executed, and owned as IPFs and IP Sets. Outside of the community and InvArch tech, the team has secured a $25m valuation through a successful seed fundraising round, and while announcements are still pending with some final agreements being worked out, InvArch now finds itself surrounded by some of the strongest names in Web3 and the Polkadot ecosystem.
With the year coming to a close, the team feels that it is important to update our Ambassadors accordingly. There are still some final matters to settle as 2021 comes to an end, so let’s dive in!
InvArch Ambassador Points Allocations
Round 2 of the InvArch Ambassador Program has come to a close, and as announced, the points and VARCH allocation from round 1 will be released in full transparency for the community. Check out the link below to view the data:
The chart will be updated in the following to reflect the points and allocations earned during round 2, at which point an announcement will be made notifying our Ambassadors.
$VARCH earned through the InvArch Ambassador Program does come with vesting terms. $VARCH earned this way will experience the following vesting period:
20% of the tokens earned will be released during the TGE, and the remaining 80% released monthly over a 1 year linear vesting period after a 2-month lock. This means that 20% will be immediately released, then 2 months will pass, and then 8% will be released monthly over the course of the following 10 months.
Round 1 (and possibly round 2) participants will receive their first allocation shortly after the $VARCH Token Generation Event. Then, allocations will take place on the 28th of every month. After a round ends, the $VARCH earned during that round will be distributed the following month.
Thank you to the over 400 participants who have participated so far, the turnout so far has been absolutely incredible!
$VARCH Token Generation Event (TGE)
The topic that most people want to know about…
There’s no point in beating around the bush, so we’re just going to say it: there is going to be an additional delay for the $VARCH TGE. Trust us when we say that we’re likely a bit more disheartened about this news than anyone, but it is a process that we have no choice but to demonstrate patience with.
It is very important to understand that InvArch will be minting its token via Statemint, a common-good Parachain on the Polkadot Relay. This means that the team behind InvArch is dependent on the team at Parity and the development of the Statemint chain. The Statemint chain has been upgraded from a shell to a Parachain, and is onboard the Polkadot Relay; however, it is not permissionless just yet. This means that Statemint isn’t available for public utilization just yet and that only the Polkadot Council can mint assets using the chain.
The InvArch team would like to apologize, as they do hold fault over the incorrect forecasts for the TGE. The team assumed that Statemint would follow a mirrored path as its cousin Kusama chain, Statemine, which proved to not be the case. This is for good reason, though, as Statemine had caused some initial problems for the Kusama Relay, problems that the team at Parity are likely working to proactively avoid on Polkadot.
While this delay isn’t expected to be too long, nor does this have any actual impact on $VARCH allocations, we want to make sure that everyone is fully aware of what’s going on. It should be pretty evident, but the team wants to make their desire to distribute the $VARCH token very clear. There is literally no benefit for the team or the project from this delay. We are on standby waiting to hear that the Statemint chain is fully permissionless and will update the community ASAP once we learn that it is ready to go!
End Of The Year NFT
The team wants to reward its Ambassadors with a special NFT. Concepts for the NFT are being designed as we speak; however, you can find details on the event below:
The NFT will look the same across the board, featuring a single yet special design that symbolizes InvArch and the team’s love for its community. These NFTs will be minted using RMRK’s Singular (singular.rmrk.app), so make sure to have a Kusama wallet address and account on Singular prior to January 1st, 2022.
These NFTs may sound like simple tokens of appreciation, but rumor has it that these NFTs will bring future utility that will empower their holders within the InvArch ecosystem…
Switching To SubSocial
Additionally, InvArch will begin moving its blog to SubSocial as well. Ideally, we will switch to SubSocial entirely and be leaving Medium for good. Medium is nice, but the idea of a single centralized body dictating the rules of an entire publishing platform just doesn’t sit right with the InvArch team.
In order to pursue a more free & decentralized outlet to speak with our community, and in the spirit of Web3, SubSocial has become the clear choice for InvArch! The team behind SubSocial is out of this world, and what they’ve built has every right and reason to be a major cornerstone for the future of Web3.
Once everything has been set up, InvArch will start publishing on SubSocial and an announcement will be made sharing this with the community.
Have a Happy Holiday Season!
Finally, the InvArch team will be taking time between December 24th - January 1st to recharge and power up for the new year coming. There will still be some activity on our social media accounts, but things will no doubt be a bit quieter while most of the team members spend time with their friends and family over the coming days.
We also hope that all of you reading this have an amazing holiday season and New Year! Remember to stay safe and healthy. We care about you all, honestly. We’ll be looking forward to hearing how everyone is doing when the team returns 😄
