TL;DR
Launching its mainnet last month, Story Protocol is already the leader in IP monetization for the digital era. With prior integrations of IP rights software in crypto. There’s never been a network specifically dedicated to the use case. An idea that, in all fairness, didn’t originate with Story. Previously introduced back in early 2022 by several professors and researchers in South Korea. Story Protocol was simply the first to rally considerable interest around the “IP dLedger” research as the basis for funding and development. Making them the de facto leader of patenting networks by default. How this all comes together is what we’ll be discussing today. From the technology behind Story Protocol to its native IP token. This is everything you need to know about Story Protocol.
Since the introduction of blockchain, the idea of free market access to intellectual properties has existed. Beginning with Bitcoin, a digital property whose ownership can be verified and traded in a decentralized way. Ethereum’s Smart Contract protocol simply introduced a new element to the technology. Allowing for more programmable characteristics to be introduced into the associated digital property. The NFT (Non-Fungible Token) model provided a scarcity model to include proprietary data and complete the IP Monetization formula. Makes a purpose-built intellectual property network like Story feel like the next step in the natural evolution of digital property rights.
Introduction to Story Protocol
Story Protocol can be easily described as a peer-to-peer network designed to accommodate the transfer and ownership of intellectual property. The term Protocol refers to any set of rules that define the transmission of data between electronic devices. Therefore, we use this a lot as a blanket term to describe blockchain technology, as it’s the easiest way to do so. Story Protocol focuses solely on solving the issues related to the production, distribution, and exchange of intellectual property. With much of this market share currently tied to heavily centralized institutions that stifle innovation. By addressing these inefficiencies and mismanagement in traditional IP systems. Story’s introduction of a programmable IP marketplace will enable more of the revenue generated from royalties to be captured by their creators through a new tokenized creativity model.
The Story Foundation
Developed by the Story Foundation. This non-profit entity is responsible for managing all aspects of Story Protocol. Registered in 2022, the Foundation didn’t really start its journey until May 2023, when it raised $29.3 million in its first Seed Round. With two additional funding rounds to follow, the Story Foundation has amassed more than $134 million in presale funding for the project. Establishing a $2.25 billion corporate valuation for a non-profit project. Leading all three investment rounds for Story is Andreessen Horowitz and his venture firm a16z. Other notable investors include Polychain Capital, Samsung Next, and Hashed. As per the corporate mission statement. “Story Foundation is designed to empower creators, businesses, and AI developers by providing a platform that facilitates the seamless registration, licensing, and monetization of IP assets.”
Story Protocol Technology
The…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
