What is LociCoin (LOCI) Crypto Beginner’s Guide
LociCoin is a decentralized platform for inventions. It is designed to foster the development and mining of intellectual property. It contains a search tool that combines information provided by inventors. Patents can be found and ideas can be viewed in the context of other IPs. With the Ethereum blockchain, ownership of an idea is recognized by the world. Users can find an IP and sell an IP. They can also stake ownership in an asset. This is a much more affordable and low-risk way to monetize an idea, compared to the patent process.
The token sale was held in December 2017. The LOCI token is a utility token. It is an ERC20 token. It gives access to products and services. It gives access to the InnVenn platform.
LOCI Token Trading Information
LOCI tokens are traded on several cryptocurrency exchanges including Kucoin and IDEX. LOCI tokens are paired with BTC and ETH tokens. LOCI has a market capitalization of $3.2 million. Daily trading volume exceeds $19,700. The circulating supply is 36,518,110 LOCI. The total supply is 100,000,000 LOCI.
Loci – Lexi Partnership
LociCoin is partnering with Lexi to build a massive global IP ecosystem. Lexi specializes in developing online marketplaces for mergers and acquisitions. The partnership will facilitate relationships between entrepreneurs, buyers, and third-party professionals. The goal is to make the IP process less expensive. This is possible with blockchain technology.
Loci’s machine learning search engine is impressive as well. LociCoin searches through 10 million patents. It displays results in a Venn diagram, which is unique. Another novel feature is compound searching. All this is cost-effective. It is much cheaper to search for patents through LOCIsearch. This search tool visualizes data effectively. Unlimited searches are possible through this tool. It is low-cost. The tool offers keyword recommendations. It’s easy to find prior art. The most important aspect of LOCISearch is confidence in the search results.
InnVenn Search Platform
The InnVenn platform was launched in February 2017. It contained patent data from reliable resources. This included technical papers and patents. It inserts new inventions into search results as they are published. Information is displayed in a Venn diagram. The compounding search feature is multi-layered. The results contain documents and statements from active users and published materials. Up to four searches can be run at the same time. The whitespace provides suggestions for further innovations. It’s the perfect tool for inventors, researchers, and investors.
LociCoin (LOCI) Background Information
One of the biggest problems with the patent system is the high cost. This was one of the reasons the patent system was changed in 2013 from a first-to-invent system to a first-inventor-to-file system. The search system is also a concern. It may contain outdated data or the search system may not deliver good results. Most of the results contain long lists that aren’t easy to process.
LociCoin invented a better search solution for patents. It is based on the founder’s experience with search systems. The core of LociCoin’s platform revolves around a concept called Fuzzy Concept Mapping. This method received patent approval by the USPTO after a decade of deliberations.