You may have noticed that LOCIcoin has featured in most of my "Crypto Shopping Cart" posts
I have written a paragraph or two about it on each occasion, but never have I gone into detail. Today it is time to do so.
Why now?
Because LOCIcoin is starting to move. The Locimotive is leaving the station. You're either on it, or you're not. I'm on it, and I'd rather be drinking Martinis with you in the dining car, than waving at you from the window while we pull out of the station and you're left standing on the platform. The LOCIcoin chart is showing steady upwards movement and has been doing so for the last few weeks. That may mean that adoption is starting.
There is a lot that I can say about LOCIcoin. It will be a challenge for me as a blogger to present you with sufficient pertinent facts, while at the same time keeping this a blog post and not a thesis. Let's see how well I do:
From https://www.facebook.com/lociplatform/
Cryptocurrency Spotlight - LOCIcoin
Vital Statistics
TICKER: LOCI
MAXIMUM SUPPLY: 100 000 000
CURRENT SUPPLY: 36 518 110
CURRENT PRICE: 0.00001837 BTC / $0.150888 / 0.00032377 ETH
VOLUME (24 HOURS): $28 922
COINMARKETCAP POSITION: 553
CURRENT CMC MARKET CAP: $5 510 145
DOES BIT BRAIN HOLD IT?: YES
WILL BIT BRAIN BUY MORE?: PERHAPS. HE'S ALREADY BOUGHT MAYBE 10 TIMES OR MORE.
BIT BRAIN RISK ASSESSMENT: FAIRLY LOW
BIT BRAIN REWARD ASSESSMENT: MEDIUM-HIGH
From https://www.facebook.com/locinexus/photos/a.1953322044914876.1073741827.1953314788248935/1953321484914932/
What is Loci?
It started with InnVenn launched in February 2017. InnVenn was a working product long before LOCIcoin ever existed. InnVenn was created for people as a search platform for patents. If you had a good idea then InnVenn was a much cheaper place to see if your idea had already been patented or not. Unlike most ICOs, when the LOCIcoin ICO was launched it was for a product that already existed in a fully functional state. This prevented the typical ICO delays due to over-optimistic developement teams.
Ever since the LOCIcoin ICO, which ended on 31 December last year, the names of various things have become "LOCIfied". InnVenn has since been renamed to "LOCIsearch". LOCIsearch continues as a portal for people to use to search for existing patents, declare their intent to patent, and even sell their intellectual property.
A diagram of the LOCIsearch (previously InnVenn) system showing how a Venn diagram-based system is used to correlate search terms:
From the Loci whitepaper
LOCIcoin is the native token of LOCIsearch. It's a US registered utility token and is not a security. You can pay to use the LOCI platform with LOCIcoins. LOCI runs as an ERC20 token on Ethereum.
The Loci search database is linked to 98 patent agencies around the world. As a US company it has scaled back to only the US market in order to get underway properly, but will expand in future. The CEO's name is John Wise and I am pleased to report that John passes the most important test I have when selecting an ICO to invest in or a coin to buy.
From https://loci.io/team/
John passes Bit Brain's "Yes in his picture he looks trustworthy enough to give my money to" test. You think I'm joking, I'm dead serious!
True story: When someone first told me about Electroneum I went to their website and applied the "team photos" test to the major team members. I laughed out loud and openly declared that I would never invest with people who looked like that (not people I would typically ask to hold onto my money for me). Then stupid greed got the better of me, I fell for too much of the hype and I put money into the ICO. What a DISASTER that turned out to be! I don't break the "photos rule" anymore!
From https://www.facebook.com/locinexus/photos/a.1953322044914876.1073741827.1953314788248935/1979596275620786/
Utility token economics
The patenting process is expensive, rather ridiculously so. Loci aims to make this cheaper, better and easier.
In this way, Loci lowers the barrier to entry for innovation and provides a marketplace for intellectual property, the likes of which the world has never seen before.
Loci does not file patents itself, it only exists to search for the uniqueness of the patent and book it as intellectual property so that a patent can be filed. In the USA, such a declaration of intellectual property intent is valid for 12 months (under section 35 U.S.C. §§ 102(a)(1) & (b) of the US patent laws), by which time the inventor must have started the process of filing for a patent. That declaration will be captured in the form of an immutable smart contract on the publicly searchable Ethereum blockchain. Loci refers to this process as "Public Disclosure". When Loci patent searches work in more countries than just the US, it is important to note that not all counties use this 12 month period, although it is moving towards becoming the de facto standard. Many use a six month period instead and some have no public disclose period at all. Fortunately for you and I, Loci has compiled a list.
Look at how expensive the patenting process usually is (US based examples) by taking a look at excerpts from Loci's website:
a comprehensive search of existing, patented technologies, which can cost upwards of $2,500 per search. An initial provisional patent application costs a fraction of the full patent, yet still ranges between $1,000 and $5,000 by the time it is drafted and submitted. The average non-provisional utility patent application is even more expensive with costs running from $5,000 to $50,000. The majority of these fees are incurred during an IP attorney’s review of the documentation and claim writing
a typical non-provisional application will incur a total cost of $10,000 to $30,000 with no guarantee of a patent. Inventions that are more technical and comprehensive in nature can easily cost hundreds of thousands of dollars.
Using LOCIsearch, you’re able to do all of this on your own or through your attorney... ...it can save you money and time in the patent process.
The information LOCIsearch provides is much more complete and intuitive than what you or even a patent attorney can find conducting a search on the web. Because of the patented algorithms of Loci’s system, the information LOCIsearch provides is more relevant and comprehensive than anything you can find on your own. If you are an inventor who wishes to conduct a real patent search, you will save thousands of dollars by using LOCIsearch. From http://help.loci.io/article/why-choose-locisearch/
To be more transparent and less biased (i.e not using Loci as a source), here is an example taken from the IPWatchdog article "The cost of obtaining a patent in the US"
Patent search with attorney opinion = $1,750
Provisional patent application prepared and filed = $2,500
Filing fee to the USPTO = $130 (small entity)
Nonprovisional patent application based off provisional filing = $8,500
Filing fee to the USPTO for nonprovisional patent application = $800 (small entity)
Professional illustrations for nonprovisional patent application = $400
TOTAL COST through filing nonprovisional patent application = $14,080 (if provisional patent application is skipped the cost would be $130 less)
IPWatchdog has many other patent related articles in case you require more information on the process and the need for things like a provisional patent.
From this information you should be able to tell that there is a clear use case for LOCIsearch. Now let's look at the cryptocurrency (LOCIcoin) specifically. LOCIsearch does have a free-to-use option, but it's very limited. It can't search information newer than five years old and it can't stake your claim to Intellectual Property (IP). For that you need to subscribe to LOCIsearch. This is done on a monthly basis with the cost being $249.99 ($249 in some places on the Loci site) per month. There is an alternative payment method: LOCIcoin.
The LOCIcoin price is 100 LOCI/month.
Current LOCIcoin price = (roughly) $0.15 x 100 coins = $15 if paid for in LOCI...
So would you like to pay $250 for precisely the same thing that you can get for $15?
Do you see what this means? Two things:
- There is a major incentive for people to use LOCIcoin to save fees on a platform which is already far cheaper (and probably better) than other patent search and patent disclosure services. (Now that is what I call a Utility Token!)
- This should cause a rise in the price of LOCIcoin up to a price of just below $2.4999 - an increase of about 16.5 times. Not a bad ROI, and that's before any inflation adjustments...
I have not read anything to indicate that the 100 LOCI price or the $249.99 will change in future, but I would assume that the $249.99 price may climb in future in line with Consumer Price Index increases. I see no reason to change the LOCI price, but I do not know what Loci have planned in this regard. If the LOCIcoin cost of using the platform does not change, then LOCIcoin price should continue to grow at an index linked rate after it reaches $2.49. Earlier this month it was trading at less that $0.03 - so it's already climbed more than 5x (in USD) since its All Time Low. Feel free to keep ignoring it...
Marketing
Marketing of LOCIcoin is illegal because it is a cryptocurrency based in the USA (greedy centralised money in a pointless attempt to cling to power and wealth! 😂). The platform and products can be marketed, but not the coin. Enter Loci Nexus. Loci Nexus is based in Malta (which cryptophiles may know is becoming very crypto friendly - thanks Malta!) and was brought into existence specifically to raise awareness of LOCIcoin. No, they are not paying me. Yes, I am open to payment if they want to! (If any Loci Nexus personnel are reading this - feel free to drop STEEM into my wallet! Obviously I also accept LOCI! 😄)
Loci Nexus is taking over (it was only launched a few weeks ago) all of the marketing responsibilities for all of the Loci systems. It is run by an Executive Director named Dan Weber. No I don't know if Dan has an honest face or not, it doesn't matter, he's only there for marketing (which suggests a possible answer to the face honesty question! 😂 - sorry Dan!).
Invention Analysis
Loci also has a new service called "Invention Analysis". It allocates a "Loci Score" to your idea - from what I understand that's essentially a measure of originality (or "novelty" as they call it).
From https://loci.io/invention-analysis/
The Loci Scores range from 1 to 100: below 40 is bad, 40 - 70 is "maybe patentable" territory, 70 - 90 is the most desirable score. Over 90 means that you have a very novel idea, but perhaps so novel that it will be hard to patent, or that nobody will be interested in it.
Purchasing LOCIcoin
LOCIcoin is available on the following exchanges:
- KuCoin
- IDEX
- EtherDelta/ForkDelta
Great news is that as of June 2018, LOCIcoin can also be bought with fiat directly from the LOCI platform. This is done by means of credit card payments. See http://help.loci.io/article/fiat-purchasing/ for more details.
Buying LOCI with a credit card on their platform:
From https://medium.com/locinexus/what-buying-utility-tokens-directly-really-means-fca02a6cce66
Partnerships
Loci has several partners, some in the cryptocurrency world. Crypto fans may recognise fairly big names like Salt and Waltonchain. A significant partnership has been forged with Lexit - a specialist in Mergers and Acquisitions. This is an exciting move on Loci's part. You can read a lot more about it on Loci's webpage or on the various social media channels.
“Loci and Lexit both work within intellectual PROPERTY, so let’s think of our partnership as if it were land property. Loci is like the title and deed or land registry, whereas Lexit is like the realtors and brokerage. We each focus on an aspect of the industry which the other needs.”
~ John Wise (You remember John - the honest enough looking dude from earlier in this post.)
Odds and ends
I should also point out that I have already recommended LOCI to you on many occasions (various "Shopping Cart" posts and my "Coins I Hold" posts are examples just off the top of my head).
From https://steemit.com/static/search.html?q=locicoin+bitbrain
I'm not going to keep recommending it forever, after this post my conscious is clear if you miss out! I have taken the horse to water.
LOCIcoin tokens paid to Loci can only be held by them up to a certain point. Loci Foundation itself can not hold more than 50% of all LOCIcoin tokens. If it does, then airdrops kick in. Sorry token holders, those airdrops are not for you (not necessarily anyway). Remember LOCIcoin is not a security! Loci will airdrop any tokens to those who have registered inventions on the Loci platform. Your IP on the Loci platform acts as the stake in a normal PoS crypto system. There is no guarantee of these airdrops, according to the whitepaper LOCI foresees them in the situation where transactional volume is low but asset price is high. Loci may also donate tokens to those who can not afford the process, using a Loci non-profit organization that has yet to be established.
IP assets can be exchanged with LOCIcoin. There is not a lot of detail on this that I can find. The Loci website speaks of "IP bidding" - a process whereby you can bid to buy someone else's IP - even an existing patent (which Loci will assist you with only up to the point of establishing communication with the owner). A hidden advantage of holding IP on the Loci system is that you may become eligible for LOCIcoin airdrops. I'm sure that were I to use the Loci platform, I could find more information. I have not tried the Loci platform (having no real use for it myself - at least not yet).
It's worth noting that the Loci website has a support app that runs in the bottom right-hand corner all the time, useful if you have any questions.
Loci also has a email newsletter that has only recently started. I received the first edition five days ago. It's called "The Bulb" (Loci's logo) and Edition 1 had links to a few highlights, an events section, a section about one of their devs and a section of links to recent news articles about Loci. I'm sure you can find a link to it on their website if you wish to subscribe. Don't be lazy, go look for it yourself. I'm not your PA!
Speaking of links:
Links:
Whitepaper: https://loci.io/wp-content/uploads/2018/02/loci-full-whitepaper.pdf
Facebook: https://www.facebook.com/lociplatform/
Twitter: https://twitter.com/lociplatform
LinkedIn: https://www.linkedin.com/company/lociplatform
reddit: https://www.reddit.com/r/loci_io/
Steemit: Don't bother
YouTube: https://www.youtube.com/channel/UCEHKR3SftdjzUNmvkVaensg/videos
Loci Nexus Facebook: https://www.facebook.com/locinexus/
Loci Nexus Medium: https://medium.com/locinexus
Final thoughts:
I consider LOCIcoin to be a good investment. To show you that I have put my money where my mouth is: I have already bought much more than I should have. All my coins should ideally be held at "100%" (see the link I have just posted) on my spreadsheet that tracks them. Here's LOCIcoin:
That's a percentage - more than 13x what it should be!
I really enjoy speculating in low market cap investments. LOCIcoin is a prime example of one of these. Read this post for more information about why they make good investments: https://steemit.com/cryptocurrency/@bitbrain/i-bought-it-should-you-arbitrage-crypto-trader-part-1 .
LOCIcoin is one of very few coins that have been climbing consistently for the last few weeks. The other coins I hold which are doing that are VeChain (also a good buy, but much more expensive) and [CargoX (almost the same market cap as LOCI - but with an even brighter future!)].(https://steemit.com/cryptocurrency/@bitbrain/cryptocurrency-spotlight-cargox)
If I had more money, I would buy more LOCI (and lots of others too!) But with the Locimotive leaving the station these last few weeks, perhaps my buying days are numbered. Catch the train while the market cap is still small!
So come on,
come on;
do the Loci-motion with me!
Yours in crypto,
Bit Brain
Bit Brain recommends:
Crypto Exchanges:
by Bit Brain
