Story Protocol Launches $IP Token for Intellectual Property Ecosystem
Story is a sovereign layer-1 blockchain utilizing the Cosmos SDK and CometBFT consensus, featuring EVM execution through a custom Geth fork. This structure allows for optimized governance and execution tailored to intellectual property workflows, supported by the $IP token.
Key aspects of Story Protocol include:
- Graph-based architecture designed for complex licensing structures in intellectual property ecosystems.
- Potential concerns regarding the necessity of a new layer-1 as opposed to a validium rollup.
- Fragmentation of liquidity and developer resources due to the introduction of another staking economy.
The role and tokenomics of $IP
$IP functions within the Story ecosystem as follows:
- Validators stake $IP to secure the network.
- Required for all on-chain interactions.
- Governance token for decision-making.
Total supply is capped at 1 billion $IP with an initial unlocked supply of 25%, and transaction fees include a burn mechanism for reducing total supply.
‘Fair Launch’ staking
Story's staking mechanism features a “Singularity Period” where users can stake or delegate tokens without earning rewards until the “Big Bang” event on March 2. Locked tokens will have their staking rewards locked for a minimum of six months.
AI and IPFi
The potential for intellectual property-based DeFi primitives (IPFi) is being explored. Projects like Unleash and Verio are developing infrastructure for intellectual property-backed assets. Cross-chain composability is enabled through LayerZero integration from launch.
AI meets intellectual property
Story aims to create a blockchain-native economy for AI and creativity by simplifying the registration and licensing of intellectual property, promoting a more accessible marketplace.