Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Blockchain remodels the IP base with a Web3-ready design

Blockchain remodels the IP base with a Web3-ready design

In today’s society, there is no lack of ideas, with new ones emerging every day, if not every hour. Ideas, on the other hand, are much more powerful than they seem on the surface. Consider how a concept may become a reality –– a new technology or a solution to a huge global issue –– with little finance and the aid of a strategic team. With so much at stake, it’s no surprise that the need for acknowledgment of ideas becomes a human trait.

Unfortunately, it is fairly uncommon for the original idea developer to be overlooked, and history is littered with instances of this. In 1871, Antonio Meucci invented the first voice-communication apparatus, even though Alexander Graham Bell invented the telephone. The difference between the two is that, unlike Alexander, Antonio did not pay the full sum required to register his invention.

The saddest aspect is that the creation of the telephone was not a one-off occurrence. In a more contemporary example, Meta (formerly Facebook), which has grown to become the world’s biggest social network, was the subject of a significant lawsuit when the Winklevoss twins sued Mark Zuckerberg for stealing an idea. The twins allegedly teamed up with Mark Zuckerberg to help bring their concept to reality, an experience that allegedly spurred him to discreetly launch his social networking site.

These historical instances indicate that one’s ideas (or intellectual property) are not secure on their own. Rather, in a world of stolen accomplishments and misplaced credit, a single point of record becomes critical to confirming ownership.

Nonfungible tokens (NFTs), for example, are a decentralized technology that directly tackles these problems. Each NFT is built with the capacity to maintain immutable ownership of a single data object. InvArch is leading the charge in building a new architecture for Web3 that will allow the usage of NFTs for IP on a bigger scale. To contribute to the discussion, one of the team members gives the following information “Rather than attempting to specify the rules for how IP should be maintained, InvArch completely overhauls the foundation for IP, allowing the rules to be changed to empower and protect people in the future. The internet, like the rest of the world, is evolving, and IP addresses are no exception.”

The platform now has three protocols, allowing the network to give consumers the most fluid system possible.

Web3 IP is built on this basis

The Invention, Involvement, Inventory, and Investment (INV4) protocol is one of these protocols, and it offers a framework for all of the assets on the InvArch network. These assets might be any of the Web2 files, folders, or licenses that many people are already aware of, which are then combined with Web3’s non-fungible and fungible token technologies.

In reality, the IPL Pallet, a component of the IP Licensing protocol, demonstrates this. A modular library of copyright agreements tied to an IP Set is provided by the pallet.

Users may choose from a variety of exclusive, non-exclusive, and sole agreements for trademark, copyright, and trade secret licensing. Users will find perpetual and features terms as they browse through agreements, as well as native licensing agreements such as The Unlicense, MIT License, and General Public License, or the opportunity to submit a custom set of terms.

Increasing the roadmap’s effectiveness

InvArch has seen several accomplishments on its way to laying the groundwork for Web3 IP, including a grant from the Web3 Foundation, acceptance into the Substrate Builders Program, and a recent seed financing of $1.75 million.

The introduction of the Tinkernet parachain on Kusama, the release of the InvArch network on Polkadot (DOT), and the deployment of their GitArch application, which can be defined as a decentralized superpowered GitHub, are all on the team’s plan.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *