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 observe how others use it. The aptly named “$IP” token, which Story introduced final week, is used for transaction charges and presents 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 mission mentioned in an announcement shared with CoinDesk.
To this point, the concept appears to have had legs — at the very least 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 mission’s whole funding to $140 million.
PIP has sought to place Story on the intersection of blockchain and synthetic intelligence, a means for folks to trace and receives a commission for knowledge used to coach AI fashions.
“Without great original IP, the AI models don’t develop,” PIP Labs co-founder and CEO SY Lee advised CoinDesk. Right this moment, AI is “taking, stealing all your data without your consent,” he mentioned.
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 mission.
