Story Unveils $IP: The Native Token Powering Its L1 Blockchain
The native coin of Story‘s Layer 1 (L1) network, $IP, has been unveiled. Story is a next-generation blockchain platform. $IP will be essential to tokenizing the $61 trillion intellectual property (IP) asset class as artificial intelligence (AI) revolutionizes various industries.
A significant 58.4% of $IP has been allocated to the ecosystem, community, foundation, and initial incentives. This move aims to encourage widespread adoption and ensure a robust foundation for the Story network.
Source: Story
The current IP system struggles to scale with AI-driven innovations. From scientific discoveries to creative works, AI is reshaping the $61 trillion IP market. However, traditional IP structures remain outdated and inefficient, limiting the potential of new intellectual breakthroughs.
Story Protocol‘s IP Network is intended to unlock the hidden potential of intellectual property. The platform gives creators direct control over their work and enables ideas to be easily marketed and sold. Just as Bitcoin emerged to address the financial crisis, Story seeks to resolve inefficiencies in the AI-powered IP landscape.
By removing centralized intermediaries from the equation, Story is democratizing access to IP. The platform is creating a programmable market for intelligence, fostering an environment where innovation flourishes and intellectual contributions are maximized.
Building the Future with Story’s L1 Blockchain
Story operates as a Turing-complete, purpose-built L1 blockchain at the intersection of AI and IP. By making IP programmable, Story introduces a new digital marketplace for one of the world’s most valuable asset classes.
At the core of Story’s vision is the $IP token, which serves multiple key functions:
- Network Security: Users can stake $IP to secure the blockchain.
- Gas Token: Transactions on Story are powered by $IP.
- Governance: $IP holders can participate in the decision-making process, influencing the future of the ecosystem.
Additionally, with each transaction, $IP is burned, creating the potential for a deflationary token economy under specific conditions.
Story ensures a fair launch for $IP staking, aligning with its commitment to decentralization. All participants begin earning staking rewards simultaneously. No entity, including early backers or team members, can claim staking rewards before the community. Rewards are only accessible after the “Big Bang” event, marking the end of the Singularity Period.
Source: Story
Breakdown of $IP Distribution
The initial supply of $IP is set at 1 billion tokens, with an unlocked supply of 25%. The allocation is as follows:
- 38.4% for the Ecosystem & Community
- 10% for Initial Incentives
- 10% for the Foundation
- 21.6% for Early Backers
- 20% for Core Contributors
Source: Story
Story is dedicated to shaping the future of programmable IP. On the first day of the Public Mainnet launch, the community will have access to an initial claim. Meanwhile, early backers and core contributors will see their tokens unlock gradually over 48 months.
Rewards for Real Users, Not Farmers
The Initial Incentives program is designed to reward genuine users. The Odyssey Testnet demonstrated Story’s commitment to authenticity:
- The Badge Program lasted four weeks, ensuring real participation.
- Measures were taken to cut out farmers, increasing rewards for true users.
- No fees were required to claim incentives, prioritizing accessibility.
Story is taking a firm stance against Sybils and airdrop farmers. The project ensures that only genuine users benefit from its rewards. Any attempts to game the system will be blocked, preserving the integrity of the ecosystem.
With the launch of $IP and Story’s L1 blockchain, the future of programmable IP is closer than ever. As the ecosystem grows, more opportunities will emerge for creators, developers, and innovators worldwide.
The upcoming Public Mainnet, known as Homer, is just the start of what’s to come. Story has ambitious plans for further incentive campaigns and major technological advancements.
The Story team is actively developing a “GitHub for IP,” a platform where users can explore and register IP seamlessly. While the blockchain remains the top priority, significant product updates are on the horizon.
