Story Protocol, a blockchain platform dedicated to intellectual property protection, has just raised $80 million in a Series B funding round, bringing its total funding to $140 million. What makes this project so attractive to investors? Coinbold will dive deeper to uncover the answers.
Table of Contents
What is Story Protocol?
Story Protocol is a groundbreaking new platform designed for intellectual property. It promises to revolutionize the way we manage and monetize our creations. By bringing intellectual property onto the blockchain, Story Protocol creates a transparent, automated system that makes it easy for creators to license, track revenue, and protect their ownership rights.
What sets Story Protocol apart is its ability to handle complex data structures quickly and efficiently. Additionally, its compatibility with EVM opens the door to a vast community of developers. As a result, Story Protocol is not only an IP management tool but also a platform for creators to connect, collaborate, and build a new creative content ecosystem.
Story Protocol Architecture
Story Network
Story Network, a layer-1 blockchain built on Cosmos SDK, offers full EVM compatibility. Its “mature ComeBFT stack” consensus mechanism ensures rapid finality at low cost. Pre-compiled prototypes allow for efficient handling of complex IP data, earning it the title of “The World’s IP Blockchain”.
Proof-of-Creativity
Proof-of-Creativity enables users to create IP Assets (IPAs) on Story Network. An IPA is an on-chain metadata representation consisting of an NFT representing the intellectual property and an associated account.
Modules are standalone smart contracts that facilitate interactions with IPAs. Core modules include:
- Licensing Module: Manages and issues licenses for intellectual property.
- Royalty Module: Processes royalties.
- Dispute Module: Resolves disputes related to intellectual property.
Programmable IP License
Programmable IP Licenses (PILs) are off-chain legal contracts that allow owners to set terms of use for their intellectual property. Users can purchase PILs to utilize the asset in the real world.
Story Protocol Team
Leading the Story Protocol project is a team of visionaries and industry veterans.
- Seung Yoon Lee, Co-founder and CEO, is a prominent figure in the Asian startup scene. Prior to co-founding Story Protocol, he achieved remarkable success with Radish Fiction, a storytelling app acquired by Kakao for a staggering $440 million. He also serves as a Global Council Member at Asia Society and a Venture Partner at Hashed, one of the leading cryptocurrency investment funds.
- Jason Levy, Co-founder, brings valuable experience from renowned tech companies such as Worlds Between Worlds and Pocket Game.
- Jason Zhao, Head of Protocol and Co-founder of Story Protocol. Jason was previously a Product Manager at DeepMind focused on productionizing Google’s cutting-edge artificial intelligence models across industrial and enterprise applications. He is an active angel investor in frontier technology startups. Jason served as the founding Editor in Chief of Stanford Rewired, a magazine focused on the intersection of storytelling and technology. As a Design Fellow at IDEO, Jason created and taught a course at Stanford’s d.school. Jason received both a Bachelor’s in Philosophy and Master’s in Computer Science at Stanford University.
Investor
Story Protocol, a promising blockchain project, has announced a successful Series A funding round of $140 million. The round was led by renowned venture capital firm a16z, with participation from other industry heavyweights including Polychain Capital, Hashed Fund, SamsungNext, and Alliance DAO. Notably, the round also attracted interest from prominent angel investors such as Scott Trowbridge, Balaji Srinivasan, and Charlie Songhurst.
Conclusion
The foregoing overview of the Story Protocol project aims to provide readers with a foundational understanding of this initiative, enabling them to make informed investment decisions. As the project remains in its early stages, there is still much to unfold. Coinbold encourages potential investors to conduct thorough due diligence. We will continue to monitor the project closely and provide our readers with the latest updates.
