Story Protocol: A New Paradigm for Empowering Intellectual Property

In the digital age, intellectual property ( IP ) has become an important asset class, covering a wide range of areas from software code to artistic works. The global IP market value continues to grow, reaching approximately $180 billion in 2020, and is expected to grow at a compound annual growth rate of 8.5% over the next few years. The number of patent and trademark applications is also on the rise, with global patent applications exceeding 3.27 million and trademark applications reaching 17.1 million in 2020. Asia is active in IP activities, accounting for 64% of the total global patent applications.

However, the complexity of IP management has also increased. Traditional IP management models rely on centralized legal systems and manual verification, which are inefficient and difficult to adapt to the rapidly evolving digital age. At the same time, there are issues such as easy infringement, difficulty in authorization, and low transparency, and the differences in IP laws across regions also make rights protection challenging. IP transactions and authorization processes are complex and costly; digital piracy causes significant losses; and the existing legal system is inadequate to meet the demands of the digital age.

In this context, the Story project was born. Story is an IP management platform based on blockchain technology, dedicated to changing the way IP is created, managed, and licensed. Its core is the Story Network - a Layer 1 blockchain specifically designed for handling complex IP data. The Story Network combines the compatibility of the Ethereum Virtual Machine (EVM) and the scalability of the Cosmos SDK, achieving high performance and flexibility in IP operations.

The Proof-of-Creativity protocol of Story provides foundational support for the digitization and automated management of IP. Through asset tokenization and module-driven interactions, programmable IP has been achieved. Creators can register creative assets as on-chain NFTs and equip IP accounts to implement complex business logic. The protocol also streamlines the IP licensing process, providing ready-to-use licensing contracts and license Tokens, making licensing more efficient and convenient. Royalty payments have also been automated and made transparent.

The Programmable IP License ( PIL ) is the core innovation of Story, bringing real-world IP onto the blockchain. PIL provides a universal license protocol that allows IP owners to easily set the usage conditions for their works, including options for non-commercial social mixing, commercial use, and commercial mixing.

Story has also launched the Builder program Story Academy, supporting innovative projects built on the Story Network. Several projects, including Magma and Mahojin, have successfully applied Story-related protocols. Magma is a design tool that supports real-time collaboration, enabling IP asset registration and licensing through Story. Mahojin focuses on the IP tokenization of AI training data, safeguarding the rights of data providers.

Overall, Story has a first-mover advantage in the IP field, gaining capital favor and demonstrating good technology and implementation performance. However, the IP market still needs time to develop, and the long-term prospects of Story remain to be further observed.