Introduction to Story Protocol (IP)

Image:https://www.story.foundation/

As artificial intelligence (AI) is increasingly widely used in various industries, intellectual property (IP) as the core asset of AI development is facing unprecedented challenges and opportunities. The traditional intellectual property system, due to its centralized operation mode, has become inadequate for the rapid development of the AI era. Story Protocol (IP) has emerged to create an open and programmable new market for intellectual property through decentralized technology. Story Protocol is a decentralized intellectual property network based on blockchain, which builds a programmable intellectual property market, making the transaction, ownership, and monetization of IP more convenient and efficient. The $IP token is the native token of the Story Protocol, serving as a core component of this emerging network, with multiple important functions such as transaction fees, network security, and governance.

Conflict between AI and Intellectual Property

As an important economic asset, intellectual property is essentially a manifestation of creativity and innovation. The rise of AI has brought about a huge change to intellectual property, especially in the field of generative AI (such as the creation of text, images, audio, and other content). Traditional IP management systems are unable to timely and effectively handle the ownership and authorization issues related to AI-generated content. In the current market environment, AI companies and IP holders are in a zero-sum game. AI companies continuously use and train models that include a large number of IPs, but the owners of these IPs are unable to receive corresponding compensation or authorization. At the same time, AI companies are unable to individually sign millions of IP licensing agreements, leading to a market that is becoming blurred and opaque. Therefore, there is an urgent need for a new solution to break this deadlock, and Story Protocol is born to solve this problem.

$IP: The native token of the Story protocol

$IP token is a core component of the Story protocol, providing power to the entire decentralized intellectual property market. As the native token of the protocol, $IP serves multiple functions, not only as a tool for paying transaction fees, but also playing a crucial role in network security, governance mechanisms, and ecological development.

Core Functionality:

• Stake $IP to secure the networkThe Story protocol adopts the ‘Proof-of-Stake’ (PoS) consensus mechanism, and the verification nodes of the network need to stake $IP tokens to ensure the security and integrity of the blockchain. This mechanism not only enhances the decentralization of the blockchain, but also increases the overall security of the network.
• Using $IP as transaction feeAll transactions on the Story protocol require a certain amount of $IP to be paid as ‘Gas’ fees. This ensures the continued operation and stable development of the network, as well as supporting the entire ecosystem of the protocol with each transaction.
• Governance and Decision-making$IP tokens also have governance functions, allowing token holders to participate in the protocol’s governance process and influence the future direction of the protocol. Whether it is improving protocol functionality or voting on new projects, $IP provides community members with a powerful means of participation.

Image:https://www.story.foundation/blog/introducing-ip

The core functions and applications of $IP

Network security and consensus mechanism

The Story protocol adopts the PoS consensus mechanism, ensuring the decentralization and security of the network. Each validator node needs to lock a certain amount of $IP as a pledge to validate the validity of blocks and transactions. This mechanism not only incentivizes network participants to maintain the stability of the blockchain, but also effectively prevents malicious attacks and misconduct.

Trading and Gas fees

All transactions on the Story protocol will consume $IP as gas fees. When users conduct IP transactions, purchases, authorizations, or exchanges on the protocol, they need to pay a certain amount of $IP. In this way, $IP not only ensures the operation of the network but also promotes the circulation and value growth of $IP.

Governance and Community Participation

Story Protocol is a decentralized project, and holders of $IP tokens can participate in the governance of the protocol, deciding on important proposals and changes through voting. In this way, Story Protocol can maintain flexibility and transparency while encouraging active community participation.

The distribution and issuance mechanism of $IP

The Story protocol has carefully designed the issuance and distribution of the $IP token to ensure fairness and transparency.

Initial Issuance and Distribution:

• 38.4% - Ecosystem and CommunityThis part of the funds will be used to support the growth of developers, community members, and actual users, including marketing, activities, grants, and other forms of support.
• 10% - Initial IncentiveAttract early users and contributors through reward programs to help the protocol grow rapidly in the early stages.
• 10% - FoundationFunds for the operation of the foundation and support for the long-term development of the protocol.
• 21.6% - Early supportersDesigned to incentivize investors and advisors to contribute early to the project.
• 20% - Core ContributorCompensation for the development team and key personnel to ensure the stability of the team and the long-term development of the project.

Principle of fair distribution

The Story protocol adopts the principle of fair distribution to ensure that all participants can fairly receive the staking rewards of $IP tokens at the same time. During the ‘Singularity Period’ of the protocol, all users can freely decide whether to stake $IP, but they will not receive staking rewards during this period. After the approximately 42-day Singularity period, the rewards will officially begin, and everyone will receive the rewards equally.

Image:https://www.story.foundation/blog/introducing-ip

Future Prospects and Impacts of Story Protocol

The emergence of Story Protocol not only provides a new perspective on intellectual property management in the AI era but also injects new vitality into the development of decentralized economies. With the emergence of more and more AI applications, the limitations of traditional IP management methods will become increasingly apparent. The open and transparent solutions provided by the Story Protocol will become the mainstream for future intellectual property management. Through decentralized means, the Story Protocol enables intellectual property to be exchanged, authorized, and monetized more efficiently and fairly on a global scale. This new type of IP market not only provides more opportunities for developers, creators, and investors but also offers strong support for the healthy development of the entire digital economy.

IP is now available on the Gate.io pre-market trading market. Click to trade:https://www.gate.io/pre-market/IP

The new coin has large price fluctuations, please trade cautiously and be aware of the risks.