IP Tokens: Powering the Tokenization of Intellectual Property on the Story Network

Start Trading IP at Gate.io

https://www.gate.io/pre-market/IP

What is an IP Token and its role in the Story Network?

IP tokens are native to the Story Network and play a key role in this L1 blockchain designed for smart tokenization in the form of intellectual property.The Story Network opens up new prospects for intellectual property tokenization by bringing scientific, creative, and branded IPs valued at US$61 million onto the chain.IP tokens carry out multiple important functions in the Story ecosystem .

First, IP tokens are the security cornerstone of the Story network. Verifiers maintain the security and integrity of the blockchain by pledging IP tokens to ensure the stable operation of the network. Second, IP tokens, as gas tokens, are the necessary fuel for all on-chain interactions and support the operation of the entire network. In addition, IP tokens empower holders to participate in ecosystem governance, enabling community members to work together to shape the future direction of the Story protocol.

The Story network’s token distribution scheme also reflects its focus on long-term community engagement. 58.4% of IP tokens are allocated to ecosystems and communities, foundations, and initial incentives, a distribution strategy designed to foster ecosystem growth and community development. Notably, Story employs a “fair start” pledge mechanism that ensures all participants start receiving pledge incentives at the same time, avoiding unfair advantages for early insiders.

How is IP tokenized through the Story Network?

The Story Network provides an innovative solution for tokenizing intellectual property through its unique architecture and functionality. The network is designed to handle complex data structures such as IP networks by implementing a graph-like data store in the execution layer and embedding the Proof of Creativity protocol locally. This design makes it possible to traverse large networks of IP relationships quickly and inexpensively.

The process of IP tokenization on the Story network can be divided into several key steps:

1.Asset valuation: Determine the value and market demand for IP.
2.Token Design: Split IP assets into digital tokens that represent partial ownership.
3.Smart Contract Development: Create smart contracts that govern token ownership, transferability and distribution.
4.Token Issuance and Distribution: Distribute tokens to stakeholders through initial token issuance or other means.
5.Transactions and Transfers: Transactions and transfers of tokens take place on the Story Network’s blockchain platform.

Story Network’s graphical data storage and proof-of-creativity protocols provide technical support for this process, enabling complex intellectual property relationships to be managed and utilized more efficiently.

Why is the Proof of Creativity protocol critical for IP tokens?

The Proof of Creativity protocol is one of the core technologies of the Story Network and plays a key role in the functionality and value of IP tokens. Embedded in the execution layer of the Story Network, this protocol provides an innovative solution for the verification, tracking and management of IP.

The importance of the Proof of Creation protocol is reflected in the following aspects:

1.Ensuring the authenticity of intellectual property: With this protocol, each IP token is closely associated with the intellectual property it represents, ensuring the authenticity and uniqueness of the asset.
2.Simplifies copyright management: The protocol automates the copyright management process, reducing human error and disputes in traditional methods.
3.Facilitates innovation and collaboration: Creators can more easily prove and protect their ideas, while also providing a basis for legitimate derivative works and collaboration.
4.Improve transaction efficiency: The Proof of Creativity protocol makes the trading and transfer of IP tokens more transparent and efficient, reducing transaction costs.

The implementation of the Proof of Creativity protocol enables the Story network to handle a complex network of IP relationships, a feature that is difficult to achieve with other Layer 1 or Layer 2 solutions. This protocol provides a solid technical foundation for IP tokens to truly represent and protect the value of intellectual property.

Conclusion

Story Network breathes new life into IP management through an innovative tokenization scheme, a proof-of-creativity protocol, and a license-free licensing mechanism. This technology not only simplifies the licensing process, but also enables automated royalty payments, providing creators with a fairer opportunity for revenue. With the development of Story Network, we are expected to witness the birth of a more open and efficient IP ecosystem, opening up infinite possibilities for the future of the creative industry.

Risk Warning: The cryptocurrency market is highly volatile, IP price may be be affected by market sentiment,, changes in regulatory policies, etc., investment should be cautious.