The internet is the most powerful creative tool in human history. Creative works can be connected, remixed, and distributed at zero marginal cost.
Despite a wealth of content creation on the internet, creators still struggle to develop and capture the value of their intellectual property (IP). Traditional intellectual property models are opaque and inefficient. Attribution and provenance are constrained by network speed and scale.
By establishing a framework of intellectual property that integrates the principles of open and collaborative internet, Story Protocol aims to become the native IP infrastructure of the internet. In addition to supporting frictionless licensing and IP remixing modules, the protocol will also provide neutral provenance sources to track the lifecycle of IP across media and platform evolution.
Just as Git has revolutionized the development of open-source software by supporting the network evolution of code, Story Protocol aims to transform the development of creative IP.
What is Story Protocol?
The digital age has transformed the way we create, share, and protect intellectual property.
In this era of innovation, a web3 startup called Story Protocol is redefining the landscape of IP management through the power of blockchain technology, creating a ripple effect.
Story Protocol is an innovative blockchain-based intellectual property (IP) protocol designed to fundamentally change the way IP is created, managed, and licensed in the digital age.
It provides a global, scalable repository of intellectual property assets, enabling creators to protect, monetize, and collaborate on their creative works with unparalleled transparency in a decentralized ecosystem.
What is the purpose of the protocol?
Essentially, Story Protocol aims to leverage the transformative power of blockchain technology to disrupt the traditional IP management landscape.
The protocol aims to provide creators with a platform that enables infinite creativity, thereby enhancing their capabilities.
Creation
Story Protocol enables content creators to seamlessly and transparently create, protect, and license their intellectual property on the blockchain.
It eliminates barriers to entry, allowing creators from diverse backgrounds to participate in the creation process.
Management
The protocol provides a set of tools for effectively managing intellectual property, attribution, and provenance.
These features ensure the security and authenticity of intellectual property assets.
License
Story Protocol facilitates frictionless licensing of intellectual property, allowing creators to set transparent and programmable licensing conditions.
This innovation simplifies the complexities of traditional intellectual property licensing negotiations, paving the way for scalable licensing models.
Remixing and creation
The protocol actively encourages the mixing and combination of intellectual property assets, fostering a vibrant collaborative creation ecosystem.
This collaborative approach enables creators to build upon existing works, creating a thriving creative community.
Why is the Story Protocol needed?
Story Protocol provides a compelling set of reasons for content creators and IP owners to embrace this transformative platform.
Democratization of creation
The protocol makes the creation of intellectual property accessible to global audiences, thereby democratizing the creation of intellectual property.
It eliminates geographical and economic barriers, allowing creators from diverse backgrounds to participate in the creation process.
Enhanced protection
The immutable nature of blockchain ensures the security and authenticity of intellectual property assets.
Creators can trust that their works will be protected from unauthorized use, plagiarism, and intellectual property disputes.
Transparent licensing
Creators can define and implement transparent, programmable licensing conditions on the blockchain.
This innovation simplifies the traditionally complex IP licensing processes, allowing creators to establish licensing parameters that align with their preferences.
Profit opportunities
Story Protocol opens up new revenue opportunities for creators by providing mechanisms for shared revenue and royalty flows.
This approach encourages original creators as well as those involved in remixing and derivative works to benefit from their contributions, creating a win-win situation for all participants.
Integrated with Web3
As a web3 startup, Story Protocol is at the forefront of blockchain technology, aligned with the future of the internet.
It is compatible with emerging web3 platforms and technologies, helping creators succeed in the ever-evolving digital space.
Introducing the founders and team
The visionary team behind Story Protocol is composed of individuals with extensive experience and a shared commitment to fundamentally changing the IP landscape.
Kim Seung Soo (CEO)
Story Protocol co-founder Seung Soo Kim (Twitter) serves as the CEO.
His entrepreneurial journey includes founding the storytelling app Radish Fiction, which garnered widespread attention after being acquired by Kakao for $440 million in 2021.
Jason Levy (Co-founder)
Another co-founder of Story Protocol, Jason Levy (Twitter), has held senior positions at tech giants Amazon and Apple.
Before co-founding Story Protocol, he launched an entertainment app (World Between Worlds), which allows users to explore the real world on their phones.
Zhao Jianjun (Co-founder)
Another co-founder, Jason Zhao (Twitter), previously served as a product manager at Google's AI subsidiary DeepMind, showcasing his expertise in cutting-edge technology.
Ben Sternberg (Chief Financial Officer)
Story Protocol's Chief Financial Officer Ben Sternberg (Twitter) previously served as CFO of Radish Fiction, and joined the Story Protocol team in September last year.
Story Protocol financing
In September 2023, Story Protocol announced the completion of $25 million in Series A financing, led by a16z crypto, along with $29.3 million raised in May this year, bringing the total funding to over $54 million.
Other investors include Hashed, Endeavor, Samsung Next, Foresight Ventures, Dao5, Insignia Venture Partners, Alliance DAO, Mirana Ventures, and angel investors like David Bonderman, founder and chairman of TPG Capital, and Roham Gharegozlou, founder and CEO of Dapper Labs.
In August this year, Story Protocol announced the completion of $80 million in Series B financing, led by venture capital giant Andreessen Horowitz, with Polychain participating, while also attracting investment from Scott Trowbridge, a Walt Disney Imagineering executive, and influential NFT collector Cozomo de' Medici.
Together with the previous seed and Series A funding, a total of $140 million has been raised, with reports stating the company is valued at up to $2.25 billion.
What makes Story Protocol different?
Story Protocol introduces a new way to manage intellectual property (IP) by creating a more flexible and transparent 'programmable IP' ecosystem using blockchain technology. It provides a flexible, automated framework for IP creation and monetization, addressing inefficiencies in traditional IP management.
For example, musicians using Story Protocol can set a smart contract that automatically executes royalty payments every time their songs are played or sampled by other artists. This instant and transparent process ensures that musicians receive fair compensation without the delays often present in traditional IP systems.
At the core of Story Protocol is the concept of programmable IP, where IP assets are tagged and managed on a dedicated blockchain. This allows creators to embed their IP rules directly into smart contracts, enabling automated execution of licensing terms, royalty distribution, and even derivative works.
Creativity Proof Protocol
One of the standout features is the creativity proof protocol, which facilitates permissionless licensing and automatic royalty payments. This protocol seamlessly integrates with Story Protocol's blockchain, ensuring that all interactions with IP assets are transparent and executable. By bridging the gap between code and law, Story Protocol not only simplifies IP management but also opens up new possibilities for innovation and collaboration in the digital economy.
Story Protocol also stands out by creating an open ecosystem where IP is viewed as a fluid and accessible asset, akin to the way cryptocurrencies operate. This makes IP a dynamic resource that can be easily integrated into various applications, from AI-driven content creation to IP-backed securities and other financial products. The protocol's compatibility with Ethereum Virtual Machine (EVM) further enhances its versatility, allowing developers to quickly adopt and build on the platform.
Future plans and roadmap for Story Protocol
Looking to the future, Story Protocol has set ambitious plans. The company aims to continue developing and expanding its platform, providing creators with more tools and features. The roadmap includes further enhancing provenance tracking and attribution capabilities, as well as exploring new revenue-sharing and licensing opportunities.
Story Protocol also plans to partner with industry leaders and organizations to further drive the application of blockchain technology in the entertainment sector. By building a strong and vibrant ecosystem composed of creators, fans, and stakeholders, Story Protocol aims to reshape the creation, management, and licensing of IP.
In summary, Story Protocol innovatively uses blockchain technology for IP tracking, potentially revolutionizing the way creators protect and monetize their creations. By providing a transparent and decentralized platform, Story Protocol offers opportunities for creators of all sizes and levels to compete in the world of IP. With the recent round of funding and an ambitious roadmap, Story Protocol is fully capable of making a significant impact on the entertainment industry and ushering in a new era for entrepreneurial creators.
Latest progress of Story Protocol
On November 8, Story Protocol announced that the final testnet Odyssey is now live and will cease operations of Iliad on November 24. Meanwhile, Story Protocol stated that nearly 100 ecosystem partners are building on its test network Odyssey.
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