InvArch’s Intellectual Property Sets (IP sets) solution — a review
By: Future Blockchain
Tags: Intellectual Property, Kusama, Polkadot, Blochcain, Invarch

Hello everyone,

Today I’ll make a quick review of one of the new features InvArch is looking to implement and utilize as part of its Intellectual Property Modules (Pallets) product– the Intellectual Property Sets (IP sets).

Before we start, if you are still not fully familiar with the project itself or hear it for the first time, don’t lose more time and go to https://invarch.io/ or https://invarch.medium.com/ to educate yourself and learn more about the innovative ideas the team is about to bring to the Polkadot ecosystem in the near future.

In brief, the team behind InvArch is looking to create an open ecosystem where users can create, own and manage their ideas before they start taking the form of a product or service. Currently there aren’t blockchain protocols offering the needed protection for intangible assets like ideas, concepts or product designs in any of their forms known from the “real” world.

InvArch is the universal IP-management protocol that is set to launch its own parachain on Polkadot in Q1 2022. The parachain will then be used for minting and managing all new IP files and checking them for plagiarism, is also used for staking and governance.

The already mentioned IP Modules are the core components of the InvArch infrastructure and the team will be using the full potential of the Polkadot blockchain and Substrate to bring their ideas to live. The Substrate-based pallets enable developers to build purpose-built blockchains and decentralized applications by composing custom or pre-built components and integrate them with similar blocks on a completely new protocol.

InvArch is presenting a group of non-fungible components:

· Intellectual Property Sets (IP Sets) that represent the idea. An IP Set is viewed as an idea, which consists of one or more components (IP Files) that help to strengthen and describe that idea. Very much like a unique NFT collection.

· Intellectual Property Files (IPFs) that will represent the non-fungible components of an idea. IPT tokens will be completely programmable, and creators of IP Sets will be able to define the utility and the use case for IP Tokens. Their number for each IP Set is defined by the creator, but it can be changed later by IPT holders via voting.

· Intellectual Property Tokens (IPTs) where tokens will represent fractional ownership over an idea. The same way ultra-expensive NFTs are being fractionalized and sold on auctions to hundreds of investors or speculators who cannot afford to spend the full amount and buy the NFT itself.

A finite and preset number of fungible IPTs may be assigned to a single intellectual property set. The value of a single IPT will be determined by the total amount of the network’s native currency bonded to the IP Set, divided by the total number of IP tokens.

Intellectual Property Sets (IP Sets)

As already mentioned, an IP set is a combination of multiple product idea or implementation files. Complex developments rarely use just one idea or concept, but are usually a combination of constantly evolving thought models. In InvArch you will be able to re-organize several IP sets into bigger IP sets or use the same IP File in multiple IP Sets.

The process flow is straightforward but is highly customizable as well. In general, when an idea is born it can be documented with all its features and underlying principles or core elements. The newly created IP files can be merged into an IP set, which can be then used for minting IP tokens to grant ownership or allow multiple ways to incentivize participants while keeping the idea secured and ready for the real development phase. The IPTs are programmable, which means they can be given with different attributes to meet the creator needs.

All of the above will be facilitated by VARCH — the native token of the InvArch protocol. It is just one of the built-in purposes of the token alongside paying transaction fees, on-chain governance, staking and distributing rewards.

The VARCH token generation even will happen on Statemint — the common-good parachain of Polkadot

The token can be then used to gain exposure over different IP sets. Users can buy portions of an IP set and receive the underlying IPFs. Every project will have a predefined cap for this option, for example, “X% IPT in exchange for Y VARCH in fees”, so when it reaches a limit, this option will be unavailable.

On InvArch projects and creators can finance their operations by selling portion of their IP sets just like any other asset. They will also be able to receive royalties for selling rights to use their creations, similar to NFTs.

They will also be able to build and manage larger projects or sub-projects in one secure place built specifically for that purpose.

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Also, don’t forget to visit InvArch on their social media channels to receive all the latest news and updates.