This InvArch Weekly is particularly special, as we will be announcing and sharing the details behind the redesign of the InvArch protocol. In order to truly unlock the power of intellectual property (IP), InvArch is narrowing its scope and making some changes. Buckle up, because things are about to get revolutionary!
Previously, the aim of InvArch was to serve as an intellectual property & decentralized development network for web 3.0. Today, we are excited to re-introduce InvArch as an IP management & development protocol for Polkadot! What changed, and what does this mean? Well, we’re glad you asked! 😄
The difference is that InvArch will focus more purely on the tokenization and utility of IP, and empower these capabilities through smart contract functionality. We are taking less control over how tokenized IP should be utilized, and instead focusing on making tokenized IP as powerful as possible.
Just as before, users will be able to mint their intellectual property as non-fungible tokens called intellectual property tokens (IPTs), users will be able to combine IPTs into IP Sets, which serve to represent ideas, and IPTs and IP Sets will be interoperable throughout the Polkadot/Substrate ecosystem!
One of the more exciting changes, is that IP Ownership tokens will not be minted using the custom substrate IPO Pallet that was developed by the team. While this Pallet will still remain available for other developers to reference and utilize, the team is instead opting to implement Parity’s pallet_assets. The reason for this change is quite exciting. Rather than limit the utility of IP Ownership tokens to a specific use case, IP Ownership tokens will be completely programmable.
This greatly expands on the possibilities for development that would be available to engineers. Rather than limit IP Ownership to one use case, developers will be able to do as they see fit. Some examples of these exciting possibilities can be seen in the graphic below. 👇
Oh yeah, and we’re implementing IP & dApp staking mechanisms in order to supercharge adoption 😜. How does this work? IP Sets & dApps that are approved through a public vetting and voting process can then be staked to InvArch. After being staked to the protocol, other users will be able to stake their $VARCH tokens to them. This way, the public is able to decide how much support they would like to throw behind an IP Set or dApp. Staking an IP Set or dApp allows a user to receive a proportionate allocation of $VARCH as a reward, which comes from network fees.
This provides a jumpstart for IP with great potential, provides income for developers, and rewards all direct participants of the protocol for their contributions!
Then, in order to provide developers the freedom and power to build a new generation of applications, InvArch will also be featuring smart contract functionality. At first, Solidity developers will be able to get started right away! InvArch will implement an EVM for developers who currently call Ethereum home. Once available, WASM-based smart contracts will be deployable in Rust using Ink! Smart Contracts.
Just as before, InvArch will be utilizing an oracle solution (or two) in order to improve the features of the protocol and improve the scrutiny against minted IPTs.
Finally, users can have trust in InvArch knowing there will be an integration of a pre-existing protocol dedicated to verifying credentials for web 3.0! (announcement coming soon!)
Regarding decentralized entrepreneurial ventures (DEVs), these are still possible, but are best implemented at the application layer. With these changes, such an application, along with a plethora of others, are now possible!
An updated whitepaper will be released later this upcoming week 🤓
There’s still 1 week left to Follow InvArch Twitter, and like & retweet the pinned tweet at the top InvArch’s Twitter page so that you can enter to win 1 of 5 exclusive InvArch: The Power of Ideas NFTs! These NFTs were all custom made with great care and attention, and are truly beautiful pieces of digital art.
- Remember, to enter, follow the official InvArch Twitter account (@InvArchNetwork)
- like & retweet the pinned tweet at the top of InvArch’s Twitter profile (https://twitter.com/InvArchNetwork/status/1454235725839413248?s=20)
You can check them out here on RMRK’s Singular app: https://singular.rmrk.app/collections/d04063c17a6327d37f-IDEAS
The InvArch Ambassador program is going strong! Points are being earned and administered, and some AMAZING content has been submitted. Incredible is an understatement 🤩. To everyone who has been asking “Wen more ambassadors?” you can anticipate applications opening back up once the InvArch Discord Community has reached 10k members. At this size, InvArch will be in need of more Ambassadors to assist with the growing community.
An InvArch AMA is in the works in order to discuss the protocols recent changes more with the community. The public should anticipate a date & time being released for the AMA this upcoming week!
It’s important to note that with the recent technical changes, there are also some changes to the $VARCH tokenomics. To be specific, the team is lowering the fundraising target for this round and increasing the goal for the strategic round. The InvArch seed round will allocate 7% of the token supply while raising $1.75m. The strategic round will allocate 10% of the token supply while raising $5m. The date of the strategic round is TBA.
This means that InvArch is nearly finished fundraising! There are still limited slots, and the team anticipates filling those slots this upcoming week 💯
We’re narrowing the scope of the InvArch protocol in order to increase the realm of new & exciting application possibilities, and introducing an entirely new type of development toolbox for engineers. This is exciting. The community NFT event has 1 week left, and we have a milestone set for expanding the ambassador program. Make sure to check back next week, more exciting updates are coming!
Check out the updated pitch deck here: bit.ly/invarch-deck