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.

Story, a next-generation blockchain platform, has unveiled $IP, the native token of its Layer 1 (L1) network.

Designed to tokenize the $61 trillion intellectual property (IP) asset class as artificial intelligence (AI) transforms industries, $IP will play a pivotal role in the Story ecosystem.

A substantial 58.4% of $IP has been allocated to the ecosystem, community, foundation, and initial incentives. This move is set to encourage widespread adoption and ensure a strong foundation for the Story network.

The current IP system is struggling to keep pace with AI-driven innovations. From scientific discoveries to creative works, AI is revolutionizing the $61 trillion IP market. However, traditional IP structures are outdated and inefficient, stifling the potential of new intellectual breakthroughs.

Story Protocol’s IP Network aims 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:

Additionally, with each transaction, a portion of $IP is burned, creating the potential for a deflationary token economy under specific conditions.

In line with its commitment to decentralization, Story is ensuring a fair launch for $IP staking. All participants will begin earning staking rewards simultaneously. No entity, including early backers or team members, can claim staking rewards before the community. The rewards will only be accessible after the “Big Bang” event, which signifies the end of the Singularity Period.

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:

Story is set to shape the future of programmable IP. On the first day of the Public Mainnet launch, the community will be able to claim an initial allocation. 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.

However, Story is taking a strong stance against Sybils and airdrop farmers. The project will ensure 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, we can expect more opportunities for creators, developers, and innovators worldwide.

The upcoming Public Mainnet, known as Homer, is just the beginning. Story has ambitious plans for further incentive campaigns and major technological advancements.

The Story team is also actively developing a “GitHub for IP,” a platform where users can explore and register IP seamlessly. While the blockchain remains the top priority, some significant product updates are on the horizon.