Loci is a blockchain platform that aims to revolutionize the patent and invention process. Find out how it works today in our review.
What Is Loci?
Loci, found online at LociPro.com, describes itself as a “platform for intellectual property mining and licensing.”
The company is going through a token sale in Q4 2017. As of October, a precise date has not yet been announced.
The goal of Loci is, according to the whitepaper, “to change the way we all innovate and the value of ideas as a whole.”
“We aim to become the gold standard platform that will empower inventors and promote the effective matchmaking of ideas, capital, and talent.”
With those goals in mind, Loci wants to introduce blockchain technology to the invention process. This will allow inventors to better find and protect their ideas. It will also lead to the development of commercialization vehicles, helping investors develop and license their ideas, and it will improve the deal flow network to speed investment in worthy startups.
To bring that platform to life, Loci will rely on a system that it has already launched. Loci’s first patent, “System and Method for Fuzzy Concept Mapping, Voting Ontology Crowd Sourcing, and Technology Prediction” redesigns the mechanisms through which ideas are discovered and attributed to owners.
A web application based on that concept, called InnVenn, launched in February 2017.
How Does Loci Work?
Loci’s user platform is called InnVenn. InnVenn functions like a data aggregation source for search queries, allowing users to recognize the location of novel inventions and ideas.
In more straightforward terms, InnVenn produces a visual representation of results in a Venn diagram. That Venn diagram features technologies, inventions, patents, and ideas.
The system uses blockchain technology to act as immutable proof of intellectual property rights on a global scale.
The developers of Loci have an ambitious project in mind: they plan to publish every past and present invention on the blockchain. Then, once every invention is on the blockchain, Loci “will predict the interactions between every idea that exists or could exist in an effort to create a transparent valuation metric for IP.”
Loci’s developers refer to the gap between current technology and undiscovered technology as “whitespace”. An inventor’s goal is to fill that whitespace and make the next big discovery.
Obviously, Loci is a unique concept. But in the most basic terms, the company is creating a blockchain-based system that hosts all past and present inventions. Then, their InnVenn platform produces a visual representation of these inventions and how they relate to one another. Inventors can use that platform to discover the next major breakthrough.
How InnVenn Works
InnVenn launched online in February 2017. You can currently view it online through a web app.
The application began with patient data, but has since been designed to have new data sources added to its searching capabilities.
InnVenn will populate a Venn diagram. This is the main interface you use to interact with the platform.
That Venn diagram works in a straightforward way. In an example in the Loci whitepaper, the potential inventor typed in keywords like “carbon fiber”, “frame”, and “handlebar”, with the primary keyword being “bicycle or bike”.
The Venn diagram consists of three circles – one for carbon fiber, one for frame, and one for handlebar. There’s a larger circle around all three of these circles for “bicycle or bike”. Dots appear throughout the Venn diagram, including in all of the various circles. You can see plenty of dots in the bicycle, frame, handlebar, and carbon fiber circle. However, the intersection points between the circles are not always filed. InnVenn visually tells us that there are few patents on carbon fiber handlebars, for example.
Ultimately, this helps people search for potential patent application. Inventors can get a visual representation of what’s been invented.
By adding InnVenn to blockchain technology, Loci wants to bring the platform to the next level, allowing inventors to interact with investors in a transparent, decentralized marketplace.
Benefits Of Loci
Loci believes their platform has all of the following benefits:
Loci’s team has a large patent portfolio, including one granted utility patent, one submitted application, and 18 more patent applications that are ready to file.
Loci’s focus is to get as many users as possible to increase the machine learning capabilities by offering a low-cost subscription to attorneys and professionals.
Combination of new user-discovered ideas with existing technologies through the use of predictive analytics, which enables the recognition of all possible deductive inventions that could branch off.
Loci is the first legal research company that combines machine learning, crowd-sourced data, and contextual searching. IT’s also the first patent company that’s using predictive analytics for its users.
Innovative contextual searching shows results in a comprehensive, visually intuitive map of all relevant patents, products, publications, and technologies.
Who’s Behind Loci?
Loci is led by John Wise, CEO. Wise is a patent industry subject matter expert who originally came up with the idea for Loci in 2008. That idea later turned into his System and Method for Fuzzy Concept Mapping, Voting Otology Crowd Sourcing, and Technology Prediction” patent.
Other key members of the team include Eric Ross, Director of Technology, Brian Hwan, the Director of Operations, and Harjit Singh, Lead Backend Developer.
The Loci Token Sale
Loci is selling LOCIcoins through its token sale, which is scheduled to begin in Q4 2017.
The price of one LOCIcoin will be $2.49 USD (the equivalent in ETH).
The public and private sale will sell a total of 35 million LOCIcoin tokens out of a total supply of 100 million. The Loci foundation will hold approximately 50 million of the tokens, while the rest will be distributed to the team and partners. Specific breakdowns are available in the whitepaper, although the numbers will fluctuate slightly until the crowdsale.
Loci is a blockchain platform that aims to help inventors find invention opportunities. The company’s existing platform, InnVenn, is a web application consisting of a Venn diagram generator. That platform generates Venn diagrams highlighting the crowded and un-crowded spaces in the world of patents. Inventors can find “whitespace” where they can develop new patents.
To learn more about Loci, or to participate in their upcoming crowdsale (scheduled for Q4 2017), visit online today at LociPro.com.