Story Protocol Launches to Let Individuals to Register IP and Get Paid For It

Story Protocol launched its mental property-focused blockchain and related IP token on Thursday.

The blockchain is positioned because the “world’s mental property community,” offering customers with a strategy to register their IP and observe how others use it. The aptly named “$IP” token, which Story introduced final week, is used for transaction charges and affords customers a vote within the platform’s governance system.

“Story is creating a brand new customary for IP, making the $61 trillion asset class programmable so IP is tracked, protected, and monetized, permitting everybody to see the upside,” the undertaking stated in a press release shared with CoinDesk.

To this point, the concept appears to have had legs — a minimum of with buyers. PIP Labs, the chain’s major developer, raised $80 million in a Collection B enterprise funding spherical led by Andreessen Horowitz (a16z), bringing the undertaking’s complete funding to $140 million.

PIP has sought to place Story on the intersection of blockchain and synthetic intelligence, a manner for individuals to trace and receives a commission for information used to coach AI fashions.

“With out nice unique IP, the AI fashions don’t develop,” PIP Labs co-founder and CEO SY Lee advised CoinDesk. Right now, AI is “taking, stealing all of your information with out your consent,” he stated.

The Story mainnet launch accompanies the primary unlock occasion for the just-announced IP token. “Story is unlocking 25% of the preliminary 1 billion $IP, with 58.4% dedicated to the ecosystem and neighborhood, basis, and preliminary incentives,” based on the undertaking.