Zug, Switzerland - InvArch, the project revolutionizing the future of development through its unique take on NFT, DAO, and Polkadot XCM technologies, announced today that it has successfully raised a 1.75 million USD private seed round backed primarily by Huobi Ventures, Alves Ventures, Waterdrip Capital, PAKA Capital, Kernel Ventures and Illusionist Group.
Leveraging InvArch and XCM, users from the whole Polkadot ecosystem could soon have their intellectual property files finely indexed and stored as a unique kind of NFT. These IP Files, IP Sets, & fungible IP Tokens pegged to them are well designed for true composability and programmability.
"We expect InvArch will bring about abundant & entirely new use cases that simply are not currently possible without the essential technology InvArch provides. We're confident that everyone will soon find InvArch to be a valuable and pioneering project." - Larry Liu, Investment Manager of Huobi Ventures
InvArch allows users to store any file type as an NFT called an Intellectual Property File (IPF), which is indexed & authenticated against other IPFs cataloged using InvArch. Individual IPFs can be bonded into interchangeable collections called IP Sets, which can feature different file types if necessary. IP Sets can even mint & utilize Wrapped IP, which may streamline custom terms (agreements, limitations, conditions, and/or expirations) & can be used cross-chain by different owners & IP Sets than its parent.
"Open Source is highly regarded in the blockchain world, and how to protect IP is an issue. One of InvArch's distinctions is tokenizing smart contracts like NFTs to make smart IP & an IP virtual machine. Combine this with their implementation of Polkadot XCM to authenticate NFTs across chains, and it has great potential to completely disrupt & contribute in defining the future of Web3 & IP." -Yushan Zheng, Founding Partner of Waterdrip Capital
Additionally, fungible & customizable utility tokens called Intellectual Property Tokens (IPTs) are pegged to IP Sets and can serve an evolving array of functions such as streamlined royalty allocations & copyright agreements, access rights to linked IPFs, divisional ownership, voting weight governing a project, admittance access in a group, currency linked to an IP Set, and more.
"I believe that with InvArch, Khawachen will be able to create online profit sharing support for our generative art carpet collection through their advanced IP ownership, utility, and XCA protocol which is built on Polkadot. I also believe that InvArch will be able to bring more lucrative cash liquidity to NFTs, the metaverse, & even global brands through streamlined IP licensing, copyright terms, asset wrapping, & trustless agreements." - Qinwen, Polkadot Council member
InvArch extends this functionality throughout the Polkadot ecosystem of Parachains through its IP Modules. When an IPF is minted from an external parachain, a record is sent through the Polkadot relay using cross-chain message (XCM) technology to InvArch. Afterward, it is indexed & cross-referenced against all other IPFs to verify authenticity & send back a 'verified' or 'flagged' status to the original parachain. This establishes an automated, decentralized, & trustless cross-chain authentication (XCA) protocol to ensure uniqueness & protect the use of non-fungible assets.
Founded by Dakota Barnett with co-founders, Gabriel Facco de Arruda, Kresna Sucandra, & Mindaugas Savickas, the team was awarded a grant from the Web3 Foundation in October 2021 for the successful development of custom Substrate Pallets realizing IP tokenization, sets, & divisional ownership.
Moving forward, the team has introduced a multi-signature ownership pallet and SmartIP functionality which features IP Sets owning & calling functions on other IP Files & Sets. The team is also working on releasing a middleware that implements the InvArch protocol to create a decentralized Git repository that streamlines the authentication, licensing, & management of code. InvArch has also experienced immense community support & witnessed the growth of its online Discord community to over 15,000 members. As a result, the InvArch Ambassador Program was launched and currently consists of over 700 ambassadors from around the world.
The funding from the seed round will push development into overdrive by funding technical team growth and expanding focuses across SmartIP & the IP Virtual Machine (IPVM), cross-chain IP & XCA Pallets, and front-end development to bring an intuitive, clean, and attractive UI/UX experience to life for interacting with the InvArch chain.
Other web3 funds & Polkadot ecosystem figures supporting InvArch include 1PAR Research, ARKN Ventures, Kretos Ventures, Bitrise Capital, TsingTing Capital, GemHive DAO, DeltaHub Capital, ZB Capital, BigCoin Capital, Glock Ventures, TsingTech Ventures, and Gate Labs.