InvArch Development Kickoff 🚀
The team at InvArch is hard at work developing the world's first blockchain designed for intellectual property tokenization & networking.
InvArch is a next-generation blockchain built using Substrate/Rust for intellectual property tokenization, development, & networking. The InvArch protocol will provide an IP utility architecture to the Polkadot/Kusama ecosystem, and allow developers to create IP-based dApps for networking, education, DeFi, and more!
The InvArch network provides utility for this new technology by allowing intellectual property tokens (IPTs) to be owned by a Decentralized Entrepreneurial Venture (DEV) contract and governed as a DAO using built-in fungible IP Ownership (IPO) tokens. These tokens may also be leveraged by participants in a DEV to raise startup funds for their projects.
At the time of this article's publication, the developers at InvArch are actively working to deliver on their first development milestone. This milestone includes the release of IP Sets, IP Tokens, and IP Ownership. In terms of intellectual property, InvArch approaches ideas (IP) as a set of non-fungible components.
IP Set = Idea. IP Tokens = components of their idea. IP Ownership = built-in fractional ownership tokens.
You can list, sell, buy, transfer, and destroy an IP Set, but not individual IP Tokens, since they're only components. A new IP set can be created (create) and a new IPT can be minted (mint) and added to a Set. Existing IPT can be burned (burn) or amended (amend). Subsequently, an entire IP Set could be destroyed (destroy) as well, burning all of its contents. IPFS or Interplanetary File System allows data and IP contents to be securely stored off-chain and given a CID, or content identifier, that serves as a unique hash and is used to mint IP Tokens.
The InvArch chain will offer a suite of features for developers, including smart contract functionality, IPFS storage, decentralized KYC, and tools for decentralized project development, ventures, finance, and more. Users can expect such functionality either through direct forkless upgrades to the InvArch runtime, or by integrating with future project partners.
The team at InvArch is on track to complete development on their first technical milestone by Sept. 29th. The developers at InvArch consist of some incredible figures in the Web3 ecosystem, including former educators and advisors for the Web3 Foundation.
A full press release is expected from InvArch during the start of October, following the release of their first milestone. Check them out at invarch.io.