This invarch record of transaction can be classified into 3, they are, the main relay chain, 2nd order parachains, and lastly, the DEV parachain. When these relay chains come togetherin subsequent chains, the subsequent parachains, Invarch gets access to use it’s Blockchain.
To begin with, let’s discuss the Parachain Design; Recently, InvArch has determined to partner with Polkadot ecosystem, in view to follow up on a kind of peer to peer space by connecting to the Polkadot relay chain. The InvArch parachain, hence can be described as an application-specific data structure that has all it’s focus on intellectual property & development progress storage, which is globally very organized and substantial by the validators of the Polkadot relay chain.
Moving forward, the second is the Intellectual Property Contracts: Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. So Just as these actions are controlled by a smart contract, intellectual property will be tokenized in the same way as patents are jointly aligned by a the varieties of available one.
Let’s shed more light on tokenization as it has been mentioned earlier that it would have it’s effect on intellectual property. It’s a way of converting something of value into a digital token that’s usable on a blockchain application. In other words, the process of transforming ownership rights of an asset into a digital token.
Next on line is validation: As for every token minted has an identifier as They’re not can’t be changed with other tokens. For instance, 1 VARCH is the same as another VARCH. But in IOTs case, it isn’t that way as Each token has an owner and this info can be easily confirmed.. so They live on InvArch and can be leveraged on any InvArch-based IP market. In other words, if you own an IP Set, You can easily prove you own it and verify its authenticity against a duplicate by referencing the timestamp of its components (IPTs) without any issue whatsoever.
Lastly is the Decentralized Entrepreneurial Contracts. A DEV can be described as an internet-native operation that’s jointly owned and managed by its members. They have built-in treasuries that no one has the authority to access without the approval of the group. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice. No single actor can authorize spending based on their whims and no chance of manipulating the books.
In conclusion and prior to this, Everything done is visible, clear and transparent, also the rules that given spending are channeled into the DEV via its code. Also note that to be able to build an organization with someone, it really involves funding and it requires a lot of trust in the people involved. However, it’s more risky to trust an unknown subject. But With DEVs you don’t need to trust anyone else in the group, just the DEV’s code and terms, which are 100% safe, transparent and accessible by anyone who’s got the key.