Story Protocol Debuts Mainnet to Bypass IP’s ‘Rent-Seeking Intermediaries’

The public main for the story protocol, a Layer-1 network for licensing and maintaining intellectual property, is now active after a test network phase of almost six months.

The project was developed by PIP Labs and aims to reduce the legal friction for creatives and academics by hosting a platform for registering IP and using it in commercial institutions.

So that IP owners can set programmable terms for how their content is used, story white paper Says that “both willing people can exchange their ideas directly, expand and earn money on a story without interference from rent -seeking intermediaries.”

The test network of the story began on August 27 last year, with the launch of the ‘Iliade“Test network.

The Macenet kick -off comes after PIP Labs has collected $ 140 million in total financing, supported by venture capitalists, including A16Z and Samsung. With Story Out In The Wild, the audience can get a better idea of ​​what PIP Labs has driven ‘ Reportedly $ 2.25 billion appreciation in his series B round.

In addition to the debut of the public mainnet of the story, a spokesperson for Pip Labs told Decrypt A native token called IP is launched with a first supply of 1 billion.

Tokens assigned to core contributions and early donors are locked according to a year Blog post Published by the Story Foundation earlier this week.

The token will serve as “underlying exchange medium” of the story for facilitating transactions between users, while it is also used as a way to secure the network through a process known as deployment, according to the white paper.

Last year co-founder of story Jason Zhao told Decrypt The network can help a new form of establishing Decentralized financingor Defi, called ipfi. Because IP assets are displayed as NFTsHe said they could be fractionalized or serve or even serve like collateral.

Zhao told Decrypt More recently that some of the most important users of the network can come from the field of artificial intelligence. He recalled An example of an AI agent who expands himself with training data that have been purchased autonomously through the platform of the story.

As a low-1 network, the story supports protocols that are being developed around IP. One project called Aria has picked up $ 7 million to buy the rights on the song ‘Peaches’ by Justin Bieber, sharing income with people who have a fraction of the linked IP actively, said Zhao.

“Everyone who has Instagram or Tiktok or Snapchat produce and possess IP, but that is really opaque and inaccessible,” Zhao told Decrypt In an interview last week. “So you have the $ 61 trillion market that is essentially only accessible to centralized intermediaries.”

The white paper of the story specifically mentions pharmaceutical companies and media institutions as entities that can change IP catalogs into relatively productive assets using the network.

On Thursday, the Story Foundation unveiled a so -called reward portal, which means that early users and members of the community claim 10% of the range of IP.

However, yielding farmers will have to fight with a system that prevents them from cashing in the coin in an attempt to “determine real coordination between story and our community,” wrote in a separate Blog post On Monday.

Published by Sebastian Sinclair