Story Protocol launched its mental property-focused blockchain and related IP token on Thursday.
The blockchain is positioned because the “world’s intellectual property network,” offering customers with a strategy to register their IP and monitor how others use it. The aptly named “$IP” token, which Story introduced final week, is used for transaction charges and gives customers a vote within the platform’s governance system.
“Story is creating a new standard for IP, making the $61 trillion asset class programmable so IP is tracked, protected, and monetized, allowing everyone to see the upside,” the undertaking stated in a press release shared with CoinDesk.
To this point, the thought appears to have had legs — no less than with traders. PIP Labs, the chain’s main 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 folks to trace and receives a commission for information used to coach AI fashions.
“Without great original IP, the AI models don’t develop,” PIP Labs co-founder and CEO SY Lee informed CoinDesk. As we speak, AI is “taking, stealing all your data without 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 initial 1 billion $IP, with 58.4% devoted to the ecosystem and community, foundation, and initial incentives,” in keeping with the undertaking.
