Story Protocol Launches Mainnet, IP Token: Revolutionizing Intellectual Property

Story Protocol, a blockchain-based platform focused on intellectual property (IP), has launched its mainnet and associated IP token. The platform aims to create a new standard for IP, making the $61 trillion asset class programmable and enabling users to track, protect, and monetize their IP. The aptly named "$IP" token is used for transaction fees and offers users a vote in the platform's governance system.

The Story mainnet launch accompanies the first unlock event for the just-announced IP token. According to the project, 25% of the initial 1 billion $IP is being unlocked, with 58.4% devoted to the ecosystem and community, foundation, and initial incentives.

PIP Labs, the primary developer of the Story chain, has raised $80 million in a Series B venture funding round led by Andreessen Horowitz (a16z). This brings the project's total funding to $140 million. PIP Labs has positioned Story at the intersection of blockchain and artificial intelligence, enabling people to track and get paid for data used to train AI models.

PIP Labs co-founder and CEO SY Lee told CoinDesk that without great original IP, AI models cannot develop. Currently, AI is "taking, stealing all your data without your consent," he said. The Story mainnet launch aims to address this issue by providing a platform for users to register their IP and track how others use it.