Welcome to LoudounTimes.com
Loudoun Times-Mirror

Sterling tech firm invents new currency

CEO of Loci Inc. John Wise. Times-Mirror/Chantalle Edmunds
A Sterling-based entrepreneur is predicting a new cryptocurrency will take his company into the financial stratosphere while also benefiting its customer base.

CEO John Wise set up his company, Loci Inc., in 2015. So far the the company has raised $350,000 at a $10 million valuation. Loci uses a software platform called InnVen to help customers search and research patents.

The platform can access 98 patent databases in 67 languages. The visual searching tool aims to simplify the process of identifying patents and ideas that have not yet been patented. Previously, inventors looking to file a patent waited up to 18 months to see if anyone else had filed the same patent.

Wise said the very act of searching for the existence of a patent gives the person a time stamp of “prior art” if an invention is not already patented. Prior art is any evidence that your invention is already known.

Intellectual property (IP) attorneys make up a large portion of Loci's customer base, and in order to access the software users pay a monthly fee of $249.

Now that the platform is being accessed by thousands of customers, Wise has turned his attention to a new endeavor, cryptocurrency, and created Loci's own digital currency or tokens.

“When I looked at the ICOs (initial coin offerings) out there I saw how terrible some of these companies are – no products, either in alpha or beta testing, no customers, no legal claims, no intellectual property,” Wise said. “Patents are a fixed asset, intellectual property. It's like buying some pieces of land.”

Wise has created 100 million tokens called LociCoins. Thirty million tokens are allocated for customers to buy, while 70 million are being held onto by the company. 10 million coins are put aside to fund inventions in developing nations.

When it comes to buying to the tokens, "accredited" customers from the U.S. must first buy Ethereum, which can then be used to buy LociCoins priced at $2.49 each. The tokens can be used to pay Loci's monthly searching fee of $249.00.

According to Wise, the Loci system "determines value algorithmically through commercial history and level of novelty."

If an invention searched for on Loci's site is deemed of value then Loci will give the customer tokens to acquire the invention. The amount depends on how rare or how similar the invention is compared to other products already patented. An inventor will need to have their invention backed up by verifying evidence.

Further down the line, Loci hopes to group similar inventions together. The vision is patents for those inventions could be bought by a company interested in monopolizing rights in a particular market.

From Aug.10 through Sept. 1 "accredited" members of the public from the U.S. will be able to purchase Loci's currency. International token purchases will be available at the end of October. More information on who is eligible to buy the tokens can found at http://www.locicoin.innvenn.com.

As the company “develops more products, services and functionality of their existing products and platform, the value of your LociCoin increases,” Loci's website states.

However, Wise hopes the value of the LociCoin will rise dramatically in the very near future and by September of this year.



Comments


Bitcoin doesn’t need a company to create it or control it. LociCoins will be a failure and this company will be bankrupt after their $350k runs out.

Post a comment

Commenting is not available in this channel entry.

Comments express only the views of the author and do not necessarily reflect the views of this website or any associated person or entity. Any user who believes a message is objectionable can contact us at [email protected].

More News

As Seen IN PRINT
The Loudoun Times-Mirror

is an interactive, digital replica
of the printed newspaper.
Click here for all e-editions.
Email UPDATES