Story Protocol, a Layer 1 network backed by a16z, has revealed crucial details about the tokenomics for its native token, $IP, ahead of its mainnet launch - which is now live. The protocol is designed to transform the $61 trillion intellectual property (IP) market, with the aim of creating a more decentralized, transparent, and programmable marketplace for IP assets, particularly for applications in artificial intelligence (AI).
$IP Token: Central to Story Protocol’s Vision
The $IP token plays a key role in the Story ecosystem, with several essential functions:
Staking: Used to secure the network through Story’s Proof-of-Stake consensus mechanism.
Gas Token: Serves as the gas token for all transactions on Story’s blockchain.
Governance: Token holders participate in governance, helping shape the future of the IP marketplace.
Token Distribution and Unlock Schedule
The total initial supply of $IP is 1 billion tokens, allocated as follows:
58.4%: Allocated to ecosystem and community, initial incentives, and foundation, ensuring broad participation and decentralization.
41.6%: Split between early backers and core contributors.
Unlock Schedule
Initial unlocked supply: 25% will be available at the time of the mainnet launch.
Gradual Unlock: The remaining tokens will be unlocked over the next 48 months to ensure steady distribution and long-term sustainability.
Fair Launch Mechanism for Staking Rewards
Story Protocol is committed to a fair launch for staking rewards, which means:
No early rewards: Unlike many other projects, there will be no early staking rewards for the foundation or early contributors.
Simultaneous rewards: All participants will begin earning rewards at the same time, after the “Big Bang” event, which marks the end of the Singularity Period (where no staking rewards are distributed).
This ensures that the community and the project are on equal footing from the start.
The Role of $IP in the Future of Intellectual Property
Story Protocol’s decentralized approach aims to solve the challenges of the traditional IP system, making it more efficient and accessible, especially in the context of AI. The $IP token is designed to:
Unlock value in IP: Allow creators to monetize their intellectual property seamlessly.
Enable a programmable marketplace: Support decentralized exchanges of IP, ensuring more transparency and fewer intermediaries.
By addressing the inefficiencies of the current IP system, Story Protocol aims to unlock the full potential of creative and scientific assets.
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