The team made a breakthrough this week, and this update is sure to get some people pretty excited for the future of InvArch. Let’s get started, shall we?
Technology
Get ready, because this is going to be big!
As the world already knows, InvArch is an IP management protocol designed for the Polkadot ecosystem. InvArch will be seeking a slot on the Polkadot relay as a Parachain; however, InvArch will also be introducing a cross-chain IP Pallet Module in order to expand the functionality of IP minting directly and throughout the entire Paraverse (Parachain universe 😎). Many people may wonder, “why?”
The answer is simple: to establish a mechanism for cross-chain plagiarism detection.
Now, many more people are likely wondering, “how would this be achieved?”
The answer lies in the true beauty, magic, and unrealized potential of the Polkadot relay…
The InvArch Parachain will serve 3 key purposes.
-Provide functionality for IP tokenization, management, and utility.
-Provide smart contract functionality in order to usher in a new breed of dApps built on the InvArch protocol.
-Provide a mechanism for detecting cross-chain plagiarism throughout the Polkadot ecosystem of Parachains by expanding IP minting functionality throughout the Paraverse under a common standard.
- When IP is minted throughout the Polkadot ecosystem on another Parachain using the InvArch IP Pallet Module a record of the IP data will be sent to InvArch.
- This will be achieved using lateral XCM transfers, one of the defining features of the Polkadot relay.
- The IP data will then be indexed and cross-referenced against other IP that has been indexed and/or minted using InvArch. If no match is found, then a “verified ✅” status will be issued. If a match or potential match is found, a “flagged ❌” or “caution ⚠️” status would be issued.
- This status would then be sent back to the origin source of that IP via a lateral XCM transfer over the Polkadot relay.
- The respective IP will then have its status updated accordingly.
To learn more about the XCM Format, see the post below by Dr. Gavin Wood:
To review, not only will InvArch be introducing a protocol for IP tokenization, management, and utility, but it will be extending this functionality directly throughout the Polkadot ecosystem and establishing the first-ever mechanism for detecting cross-chain plagiarism and validating the authenticity of cross-chain ownership.
What’s more, is InvArch will be taking a revolutionary approach towards integration. A total of 100,000,000 VARCH tokens (10% of the total supply) will be redirected (5% from ecosystem development | 5% from the protocol treasury) and allocated towards IP module integrations. Specifically, ten (10) individual one percent (1%) allocations are being reserved and used as a reward incentive for other Parachains that integrate the InvArch IP Pallet Module into their runtime.
While providing streamlined IP tokenization, management, and utility (and the revolutionary and life-changing applications that can be built using this technology) could easily be seen as an attractive enough reason for other Parachains to adopt the InvArch IP Pallet Module, we thought we would take it a step further. The first 10 Parachains that integrate the InvArch IP Pallet Module will receive 1% of the VARCH token supply, each, for a total of 10% being given this way throughout the Paraverse. These tokens will be airdropped equally and directly among the wallet address of each integrated Parachain’s token holders.
Fun facts about what this decision will help achieve:
1. Provide incentives directly to the communities of other Parachains.
2. Empower their communities and allow for instant utilization of the tech.
3. Establish VARCH as the most liquid and widespread token in the entire Polkadot ecosystem, excluding DOT & KSM, of course ;)
The team would also like to apologize, as the VARCH token generation event (TGE) has been pushed back to December, 2021. Since the VARCH TGE will be conducted using the Statemint chain, the team is dependent on the development updates and status of this chain. The Statemint chain appears ready to upgrade from its current shell and begin onboarding as a Polkadot common-good Parachain during December. At this time, the InvArch community will be promptly updated on the new date for the TGE.
These updates to the VARCH tokenomics can be seen in the graphic above.
Community
The InvArch Discord is approaching the 10k member mark (First of all… WOAH), and the InvArch Twitter now has over 2.3k followers. The community has grown at an insane rate over the past 2 months, and the team at InvArch is ready to take things to the next level!
For starters, beginning December 4th, 2021, applications for the InvArch Ambassador Program are going to be opened back up and will stay open for the foreseeable future. To everyone who’s been waiting, now is your chance! Over the next few months, we’re looking to grow the size of our online community supports to 20k Discord members, 10k Twitter followers, and 1k InvArch Ambassadors.
With updates to the InvArch Ambassador Program being announced and enacted over the course of the next week, we’re excited for all that is in store!
Additionally, the team is happy to welcome the newest member of the team, AJ Tobias! AJ will be joining InvArch as its Social Media Manager. Over the coming days and weeks, AJ will be leading the strategic expansion of InvArch’s social presence across a multitude of platforms. We’d like to give him a warm welcome to the project and to the community! 💪 🚀
Finance
InvArch has some pretty big names behind the project now. Are you ready to hear who they are? If you are… you’ll have to wait a little longer ;)
The team is waiting to hear back from two (2) final funds that they have spoken with. After this time, final decisions will be made, and we will officially close the round and roll out the press releases & updates for our community.
The exciting thing is that InvArch, a protocol redefining how the world views IP and ownership, has secured a $25m seed valuation! We’re just waiting to decide who we welcome into the fold for this round, and who we will be thanking for making this possible!
Final decisions are set to be made prior to this time next week. Stay tuned!
Conclusion
Our team is growing, our community is booming, and funding is secured. On the tech side? IP tokenization, management, and utility will extend this functionality throughout the ecosystem and establish cross-chain plagiarism detection & IP verification mechanisms. InvArch is just fundamentally changing the world, that’s all.💡
