Story: The Layer 1 Blockchain Designed Specifically for Intellectual Property

Story is a Layer 1 blockchain designed specifically for intellectual property. It combines the advantages of EVM and Cosmos SDK, is 100% EVM compatible

Story, a Layer 1 blockchain designed specifically for intellectual property, combines the advantages of EVM and Cosmos SDK. It is 100% EVM compatible and deeply optimized at the execution layer, enabling it to quickly and efficiently handle complex intellectual property issues. Data structures.

IP assets, or IPAs, are the basic intellectual property metadata programmable on Story. Simply put, IPA consists of an ERC-721 standard NFT and an ERC-6551 standard TBA (Token Bound Account) IP binding account. NFT represents IP, TBA is an independent contract bound to an IP asset, used to control permissions to interact with the Story module or store IP-related data.

Although IP assets use the ERC-721 standard NFT, the metadata it contains is a well-designed data structure specifically for IP assets.

There are some defined attributes in IP assets, such as relationships. This attribute has 40 different types of definitions in Story to deal with IP affiliations in various situations.

The IP account is an EOA account bound to the IP, implemented through the ERC-6551 standard. For details, please refer to EIP-6551.

IP accounts mainly perform two functions:

Due to the existence of IP accounts, IP assets can not only store IP-related data, but also interact with various modules through the ERC-165 standard interface. Any user can customize the development module. Story defines 4 core modules, namely yes:

After understanding the basic features and modules of IP assets, we naturally recognize the advantages of Story. IP assets can help content creators easily build a copyright empire protected by smart contracts and decentralized networks. Intellectual property rights, when protected, can also participate in a large number of financial derivative activities. So, let’s brainstorm, what can we do on Story?

Blockchain gives everyone the right to issue assets equally. Story protects everyone's intellectual property rights by designing a complete asset structure and execution module, and provides a comprehensive set of intellectual property registration, application, and confirmation. , royalty transfer and other functional frameworks.

Do you still remember the surprise and carnival that BAYC and Azuki brought to the crypto community? The crypto community has racked their brains to come up with various solutions to empower the NFTs in their hands. Let us directly use the case to illustrate that if BAYC is issued on Story, What would the scenario be like?

First, as the holder of the BAYC IP, Yuga Lab can now register BAYC on Story as an intellectual property asset, or IPA. After registration, different authorization templates (PILs) can be set for BAYC to constrain the use of BAYC in different scenarios. IP specific restrictions.

Secondly, the royalty module of the BAYC IP will be bound to 100 million royalty tokens (Royalty Tokens), which is an ERC20 standard token. Its main function is to divide the corresponding share of the royalty treasury of the BAYC IP.

Finally, as the publisher of IPA, Yuga Lab can issue its first specific product using the BAYC IP, the BAYC 10K Collection, which consists of 10,000 monkey NFTs of various shapes. Of course, this NFT series is minted with the authorization of BAYC. After the tokens are issued, Yuga Lab can stipulate in the authorization that 5% (settable) of the revenue from all sub-IPs will flow into the BAYC treasury.

As can be seen from the above figure, Story has designed a complete licensing and royalty system for IP assets. Under this system, the holder of IP assets does not need to spend extra energy on IP licensing and royalty income. Similarly, in this system, there are some business logics and transaction opportunities that did not exist in the blockchain industry before, or that are difficult to evaluate. Let us interpret them one by one below.

When IP assets achieve clear authorization and royalty flow under Story, we naturally think that the transactions of IP assets will be more diversified.

In our existing DeFi world, very clear tracks have been formed, each with its own strengths. For example, Uniswap is the leader in DEX, Opensea is the leader in NFT Marketplace, and Pendle is the leader in Yield token trading. Although the form of trading assets has not changed fundamentally in Story and is still ERC20 and ERC721, the fundamentals of the tokens themselves have changed dramatically.

For example, the royalty tokens of well-known IP assets. As long as the business empire of the IP can continue to grow and develop, the royalties generated by its licensing fees and direct consumption will all flow into the income treasury of the parent IP, then the copyright tokens of the parent IP will There is a clear logic of hype. So can we imagine that, similar to the stock trading software in real life, there will be such a DEX that clearly displays the income of copyright tokens and the forecast of future income