Story Protocol Debuts Mainnet to Bypass IP’s &#039, Rent-Seeking Intermediaries &#039,

The common mainnet for Story Protocol, a layer-1 system for registration and maintaining intellectual property, is then up and running following a roughly six-month testnet period.

By providing a platform for registering Internet and using it in business settings, the task, which was created by PIP Labs, aims to reduce legal angst between creatives and academics.

According to Story’s whitepaper, “any two ready individuals can business, expand, and monetize their ideas immediately on Story without interference from rent-seeking intermediaries,” which allows IP owners to set customizable terms for how their content is used.

Story’s testnet phase began on August 27 last year, with the launch of the “​Iliad” ​ testnet.

Its mainnet launch follows PIP Labs ‘$ 140 million in total cash, which was supported by venture entrepreneurs like a16z and Samsung Next. The community might learn more about the apparently$ 2.25 billion valuation of PIP Labs after its Series B round is out with Story in the wild.

A PIP Labs spokesman confirmed that a native token called IP will be introduced with an initial supply of$ 1 billion, along with the launch of Story’s public mainnet. &nbsp,

According to a blog post that the Story Foundation released earlier this year, tokens for core donors and first donors are locked for a time.

According to its whitepaper, the token will act as Story’s “underlying medium of exchange” for facilitating transactions between users and also be used as a means of securing the network through a procedure known as staking.

Last year, Story co-founder Jason Zhao told the network could help establish a new form of decentralized finance, or DeFi, called IPFi. He claimed that because IP assets are referred to as NFTs, they could be divided up, used as collateral, or even be used as collateral for loans.

Zhao told more recently that some of the network’s most influential users may be from the field of artificial intelligence. He cited an instance of an AI agent augmenting itself with training data that was purchased independently from Story’s platform.

As a layer-1 network, Story supports protocols being developed around IP. A project called Aria raised$ 7 million to buy the rights to Justin Bieber’s song” Peaches,” which Zhao said will share the proceeds with owners of a portion of the linked IP asset.

” Anyone who has Instagram or TikTok or Snapchat, they produce and own IP, but that’s really opaque and inaccessible”, Zhao told in an interview last week. ” So you have the$ 61 trillion market that is essentially only accessible to centralized intermediaries”.

In the whitepaper, Story specifically mentions media organizations and pharmaceutical companies as potential sources of network-based IP assets. &nbsp,

On Thursday, the Story Foundation unveiled a so-called rewards portal, letting early users and community members claim 10 % of IP’s supply. &nbsp,

In a separate blog post on Monday, it stated that would-be farmers will have to deal with a system that prevents them from taking the money in order to “establish true alignment between Story and our community.”