We do not in any way endorse the purchase or otherwise, of this ICO.
Quick Facts About LOCI
- Second round of ICO ends on December 14, 2017
- Ranked as a top 10 ICO by Bill Carmody of Trepoint, via Inc.com
- The platform and LOCIcoin connects inventors, investors, and product developers
- Over 7,000,000 tokens sold already with 700+ contributors
- 1048 Loci per 1 Ether contributed
What is Loci?
Loci is on a mission to revolutionize the way the world invents with its platform for intellectual property (IP) discovery and mining. We are tackling the wasted potential in global innovation due to the risky, convoluted, and costly patent process that the favors the few. Loci will decentralize the invention process and empower anyone with a good idea with its patented technology.
— John Wise, CEO
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The ICO will be hosted in four rounds as follows:
The first round was exclusive to participants who pre-registered before the ICO began. According to the team, the base rate was established as the price to access the full feature version of InnVenn, the patent search platform ($249.99 or 100 LOCIcoin). The three days prior to the beginning of the ICO were used as a moving average to establish an Ether price when calculating the Ether : LOCIcoin conversion rate.
There is a $19,000,000 hard cap for the ICO and all rounds will begin at 00:00 UTC. Rounds 2–4 have equal caps and if the cap for a round is hit prior to the end date of the round, the next round will begin immediately. There is a minimum contribution amount of 0.1 Ether per contributor and there is no maximum contribution amount. The LOCIcoin team has stated in their FAQ that “LOCIcoin will be available on exchanges after the token sale is complete. Loci can not comment on when exactly and where.”
Token Distribution Information
Loci tokens will be distributed to contributors within 7 days after the end of the ICO. There are a total of 100,000,000 LOCIcoins being minted during the ICO, and no further tokens will be created after the ICO. There are a total of 50,000,000 LOCIcoins available for purchase across each round of the ICO. Any unsold tokens will be frozen for four years, with 25% of those unsold tokens becoming available every year for the purpose of growing the ecosystem.
The total token amount (100,000,000) will be allocated as follows:
50%: Allocated to launch supporters
34%: Reserved to purchase IP and Reward Platform Users
11%: Team, advisors and partners
5%: Non-profit fund
The team has specified that in order to contribute, you must sign up for the token sale by registering on the Loci website. In the registration, you will need to specify which Ethereum based wallet you will be contributing Ether from. As long as it is an ERC-20 compatible wallet, like MetaMask or MyEtherWallet, your contribution wallet address is where you will receive your LOCIcoin upon distribution after the token sale. Do not send from exchange wallets, like Coinbase, Kraken, or Bittrex, and do not send from Jaxx or multi-signature wallets.
All outstanding LOCIcoin will be managed by the Loci Foundation. Its primary functions will be to purchase or license inventions, facilitate an exchange of the LOCIcoin for inventions, and oversee the distribution of tokens to nonprofit groups and strategic partners who promote innovation. The Loci Foundation will also serve as the point of contact to report any bugs or vulnerabilities discovered in any of the products Loci offers. The discreet reporting of bugs will be rewarded in LOCIcoin and the amount will be determined based on the severity of the bugs discovered.
Use of Crowdsale Proceeds
40%: Product development
35%: Marketing and operations
10%: Legal affairs and advocacy
10%: Intellectual property services
5%: Security and audit
For the full list of team members and advisors please visit the Loci website.