Story Protocol: A New Paradigm for Reshaping Intellectual Property Management

With the development of the times, intellectual property ( IP ) has become an important asset class, covering a wide range of areas from software code, artistic works to scientific inventions. The value of the global intellectual property market reached approximately $180 billion in 2020, and it is expected to grow at an annual compound growth rate of about 8.5% in the coming years. In 2020, the global number of patent applications exceeded 3.27 million, and trademark applications reached approximately 17.1 million, with a growth rate of 13.7%. Asia has been particularly active in intellectual property activities, accounting for 64% of the total global patent applications.

However, as the IP market continues to grow, the complexity of IP management is also increasing. Traditional IP management models face challenges such as insufficient liquidity, issues of protection and transparency, and outdated legal systems. In this context, introducing IP tokenization onto the blockchain, making it programmable and directly managed by IP owners, has become one of the potential solutions to these problems.

Story is a revolutionary IP management platform based on blockchain technology, dedicated to fundamentally changing the way narratives are created in the world. Its core mission is to unlock a brand new way to create, manage, and license intellectual property on the chain, thus forming a "story legos" ecosystem that can be remixed and combined. The Story Protocol supports the entire lifecycle from IP creation, management to licensing, including features such as source tracking, frictionless licensing, and revenue sharing.

Story Network is a universal Layer 1 blockchain specifically designed for efficiently handling complex IP-related data structures. It combines the advantages of EVM compatibility and Cosmos SDK to achieve high performance and flexibility for IP operations. Story Network introduces a graph data storage mechanism in its execution layer, enabling fast and cost-effective traversal of large IP relationship networks.

The Proof-of-Creativity protocol is one of the cores of the Story Network, providing foundational support for the digitalization and automated management of IP. By means of asset tokenization and module-driven interactions, programmable IP has been achieved. Creators can register creative assets as on-chain IP assets and implement complex interactions and business logic through modules.

Story Network simplifies the use and licensing process of IP. It provides ready-to-use licensing contracts and license Tokens, significantly reducing the complexity of licensing. The Liquid Absolute Percentage (LAP) policy enables automatic payment and transparency of royalties.

The Programmable IP License ( PIL ) is another core innovation of Story Network that brings intellectual property onto the blockchain, providing on-chain liquidity and programmability for a trillion-dollar asset class. The PIL offers a range of pre-configured options that creators can choose and customize according to their needs.

Story Academy is a program designed for builders and innovators, aimed at supporting, guiding, and accelerating innovative projects built on the Story Network. Several projects, including Magma and Mahojin, have successfully applied the relevant protocols of the Story Network.

Story has a first-mover advantage in the IP management field, attracting capital and demonstrating good technology and implementation performance. However, the IP market is still immature and requires time to be tested. With the development of Story Network, it is expected to provide a brand new, decentralized intellectual property management approach for global creators and enterprises.