Loci Coin: A Cheap, Easy and Fast Way to Monetize Inventions on a Blockchain

Have you ever had an idea pop into your head and wondered if it’s already been discovered? You assume it probably has been, but how can you really know? And if it were patentable, would you even know where to begin? John Wise, CEO of Loci Coin, proposes an alternative avenue for people to stake a claim on their inventions: tokenizing the right to file a patent on them.  “We wanted to create… a network where inventors could stake their claim on an invention without going through all the cost and rigmarole around filing a patent.

We wanted to make it very cheap, we wanted to make it very easy, and very fast. Cryptocurrency made a lot of sense for that,” says Wise. By simply conducting a search for their invention in the Loci Coin searching system, users are granted the legal rights to it- just as they would by obtaining a legal provisional patent. However, Loci Coin provides its users with the option of immediately monetizing and putting that invention on the Loci blockchain.

But that’s not all. With the use of predictive analytics and a database of millions of inventions, Loci Coin offers an unprecedented tool for building big ideas out of many small ones.

“This is everybody in the world actively using their minds and their ideas together for some greater collective,” says Wise. Click play to hear more.

Wise also discusses:

• The reasoning behind and the benefits of Loci Coin, including cutting down on the cost of inventions and clearing the way for more transparency
• The specific process of memorializing inventions on the blockchain, and the ways in which Loci will help you to monetize your inventions
• The background and meaning behind the company’s name
• The problems with the existing US patent system