Bankless: A quick overview of IP blockchain Story Protocol

Original title: "Story Network: The IP Blockchain Explained"

Intellectual property (IP) includes creations such as artistic works, designs, images, inventions, names and symbols.

This covers a wide range of assets from AI models to game assets.

Despite its immense value, estimated to be in the trillions of dollars, IP often remains trapped in outdated legal systems, making it difficult to license, monetize and trade effectively.

That’s where the new Story Network comes in, a new blockchain designed to transform IP into liquid, programmable and ownable digital assets.

Since the chain is brand new and centered around NFTs.

What is Story Network?

Story Network was created specifically to bring IP on-chain, making it easier to manage and monetize.

On Story Network, IP is represented as an on-chain asset, called an IP asset, or NFT. These NFTs carry detailed metadata about the underlying IP and serve as its digital representation. They can be linked to existing NFTs, such as CryptoPunk, or issued to represent off-chain projects.

Each IP asset is linked to an IP account, a specialized smart contract that manages IP-related interactions and data.

At the heart of Story Network is also its Proof of Creativity (PoC) protocol, which facilitates the creation and management of IP assets, enabling use cases such as permissionless licensing and automated royalty payments.

Another key pillar is the Programmable IP License (PIL), a legal framework that connects the on-chain world to the traditional legal system, ensuring that the digital representation of IP on Story Network is enforceable in the real world.

How is Story Network designed?

Story Network is a Layer 1 blockchain optimized for efficient processing of complex IP data structures, relying on elements from the Ethereum Virtual Machine (EVM) and the Cosmos SDK.

It’s worth noting that Story Network is EVM-equivalent, meaning it supports the same code execution environment as Ethereum. This compatibility allows developers to port existing applications and smart contracts written in Ethereum’s popular Solidity programming language to Story Network with no or minimal changes.

As for the Cosmos SDK, it provides the underlying framework for Story Network’s consensus and network layers, with high scalability and low transaction costs. This design choice also allows Story Network to interoperate with other blockchains within the Cosmos ecosystem, enhancing its flexibility.

Noun and Verb Structure

Story Network uses a noun and verb structure when dealing with IP.

IP assets are nouns, that is, things. Recall that these are NFTs that represent intellectual property on the Story Network. These assets contain metadata and are associated with IP accounts that manage their data and interactions.

On the other hand, Story’s modules are verbs. Modules are customizable programs that define and extend the functionality of an IP account. Developers can create modules to meet various business logic needs.

For example, the licensing module on Story Network simplifies the licensing process. Creators can define licensing terms and attach them to their IP assets, allowing others to mint licensed tokens.

The above PIL framework then provides a standardized, customizable legal contract that defines how the IP is used, covering aspects such as commercial use, attribution and royalty terms.

Additionally, there is a royalty module that automatically distributes royalties. When an IP asset is used or revenue is generated, the Royalty module ensures that payments are automatically distributed according to predefined royalty terms.

The module even tracks the relationship between original and derivative works, ensuring all contributors receive their fair share of royalties. This feature is particularly useful for relationships involving multiple creators and complex IPs.

Why should IPs be tagged on Story Network?

Tokenizing IP on Story Network has several significant benefits:

• Liquidity – IP can be traded or used as collateral, creating new financial opportunities.
• Programmability – Automated operations such as royalty payments can be embedded in IP NFTs, simplifying management.
• Transparency – The underlying blockchain provides a clear and immutable record of IP ownership and transactions.

These are compelling pillars for content creators, but what will actual use cases look like?

For example, artists, musicians, writers, etc. can register their IP as an NFT on Story Network, set licensing terms and automatically pay royalties. This makes it easier to control and monetize their creations.

For developers, they can build applications that leverage tokenized IP. Think AI model marketplaces, content remix platforms, and DeFi applications using IP NFTs as collateral.

Story Two of the earliest examples of applications in the ecosystem are Magma and Mahojin. The former is a collaborative design tool that uses Story Network to manage and monetize creative work via NFTs, while the latter is a platform for AI training data and models.

Summary

How will making IP programmable and liquid impact the interaction between creators and consumers? Will IP tokenization and trading democratize access to creative works? How can PIL systems effectively adapt to the diverse global legal environment, especially as AI-generated content becomes increasingly common?

The answers to these questions remain to be seen, but Story Network is diving into it like never before and looking to revolutionize the future of digital IP through the crypto economy. As the chain grows and evolves, the point to watch is its potential to redefine IP management to better address the content challenges of the 21st century.

So can Story win? We’ll have to wait and see, but it’s still exciting to have this kind of innovation push into new territory – stay tuned for updates on this project!

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