InvArch: It’s Grow Time and the updated tokenomics
New ideas are born everyday!
Ideas are pillars of creations. Ideas are intangible, yet could be stolen or, in some cases, the original creators do not receive enough credit. Original idea creators often are barely recognised or credited for their work. For instance, Alexander Graham Bell is credited with patenting the first practical telephone. Meanwhile, Antonio Meucci created the first voice-communication device in 1871.
InvArch Network is a project built on substrate blockchain framework on Polkadot. Tinkernet parachain is the canary network of InvArch.
InvArch is taking the lead in developing a new framework or architecture for a universal IP-management protocol. It aims to bridge the gap between the generation of ideas and their execution, and offers easy access to multi-party ownership, collaboration, IP monetization and DAO Staking
This article, will cover the upcoming event called "It’s Grow Time" and the VARCH token.
InvArch’s “It’s Grow Time” event
InvArch team’s passion can be measured from the success of the recently concluded event called OCIFstaking (public testing event) on the Tinkernet parachain where over 93000 users participated.
Did you miss the OCIFstaking event? Well, another opportunity is here again. This is a special event named "It’s Grow Time" which will begin on the 13th of February 2023. The event serves to appreciation the InvArch community, partners, and supporters for their dedication and support for the growth of InvArch ecosystem.
Reasons to participate:
Firstly, this is a great chance to be part of the decision making (i.e on-chain governance) in the InvArch ecosystem in the future by obtaining the InvArch Access Pass NFTs. Also, wallet address holding the NFT will receive an airdrop of 2000 VARCH tokens per NFT. I.e more NFTs more VARCH tokens in your wallet.
Secondly, it will help the InvArch Network core team grow as they get ready to release world-changing DAO solutions & secure a Polkadot parachain slot.
Order of the event
A total of 10,000 special NFTs called InvArch Access Pass NFTs will be minted, which will be sold in three phases
Community round
- 2,000 NFTs will be available for purchase at $50 in DOT per NFT, and the max. purchase by a participant is 25 NFTs. It will start on the 13th FEB 2023, 4:00 PM UTMC which will last for 24hrs. Those that can participate are InvArch Ambassadors, YoudleDAO members, InvArch banner NFT holders and Tinkernet Crowdloan Participants
Ecosystem round
- 3,000 NFTs will be available for purchase at $55 in DOT per NFT, and the max. purchase by a participant is 50 NFTs. It will start on the 14th FEB 2023, 4:00 PM UTMC and it will last for 48hrs. Those eligible to participate are OCIF Testnet participants, Kanaria NFT holders, Phala World holders, Kusama Kingdom holders and ApeXchimpz holders
Public round
- 5,000 NFTs will be available for purchase at $60 in DOT per NFT, and the max. purchase a by participant is 100 NFTs. It will start on the 16th FEB 2023, 4:00 PM UTMC and it will last for 96hrs. The general public can participate.
There will be a limited number of the NFT to be minted. Get yourself ready:
-Download Polkadot-compatible wallet, ex: Talisman wallet, Nova wallet, or polkadot.js.
-Stack it with DOT
- Stay tuned: https://invarch.network/grow
The InvArch Access Pass NFTs will be distributed to the participants 14 days after the end of the event. Token distribution will happen after InvArch has secured parachain slot on late march of 2023. After VARCH token generation event (TGE), 30% of the token will be distributed, the remaining 70% will undergo a linear vesting for a period of one year
VARCH Tokenomics
VARCH is the native token of InvArch Network. VARCH will have a total supply of 1 billion tokens and 0% inflation.
Just like every other native tokens of a particular project plays a vital role in its ecosystem, so does VARCH. VARCH will power all the operations in the InvArch network. These include:
- It will be used to facilitate network transactions
- It will be used for the On-chain governance
- It will be used to register DAOs on the InvArch network
- It will be used to mint & register IP NFTs.
- It will be used to pay for the deployment and execution of smart licences, facilitating on-chain licensing agreements between various parties.
It is worth noting that 60% of the total VARCH supply will be unlocked and distributed over a period of 25 years. This percentage accounts for the governance and infrastructure growth.
Distribution
VARCH tokens will be allocated to the following communities at launch as follows:
The InvArch association
This community consist of the InvArch core team. 16% which is equivalent to 160m VARCH will be allocated to this community. Half of the allocation will be locked for a year and vested over nine years, while the remaining half will be reserved for fundraising and loans to market makers.
Seed supporters
7% which is equivalent to 70m VARCH will be allocated to this group. This is for the early in early investors i.e the VCs like Illusionist Group,1PAR Research, ARKN Ventures, Kretos Ventures, etc who invested funds early and provided support for InvArch. Tokens allocated to this group will be locked three months, afterwards experience a linear vesting for 21 months
Community airdrop
2% equivalent to 10m VARCH will be allocated to this community. This is for those that will obtain InvArch Access Pass NFT. After VARCH token generation event (TGE), 30% of the token will be distributed, the remaining 70% will undergo a linear vesting for a period of one year
First Polkadot crowd-loan
This is for the participants that will crowdloan InvArch network, as it’s set to bid for parachain auction in March 2023. 1% which is equivalent to 10m VARCH will be allocated. 20% will be distributed and the remaining 80% will be locked, experience a linear vesting schedule by block over a period of 24 months.
Crowdloan reserves
4% equivalent to 40m VARCH will be allocated. This will be reserved and used to renew InvArch parachain slot every 2 years.
Ecosystem growth
10% equivalent to 100m will be allocated. This for the past and present InvArch’s ambassadors. 65% will be unlocked and distributed, while the remaining 35% will be channeled to social marketing efforts & growth campaigns
Governance incentives
25% equivalent to 25m VARCH will be allocated to reward active participants in the InvArch on-chain Governance. These tokens will experience a linear vesting over a period of 25 years
Infrastructure support
35% equivalent to 350m VARCH will be allocated for funding future infrastructure needs and development. These tokens will experience a linear vesting over a period of 25 years
The future of a collaborative platform belongs to InvArch, where developers will collaborate freely, effortlessly and generate monetization solutions in a cross-chain setting
Major events reshaping InvArch ecosystem are taking places this year; OCIF protocol test, it’s grow time, parachains auction slot, TGE, and so many more. It will be cool to be part of this journey.
Links:
https://invarch.medium.com/invarch-network-its-grow-time-community-sale-event-c07cd68276a3
https://invarch.medium.com/the-new-invarch-network-token-economy-11bc83c8f02d
