What is the utility of the token IP?
Compiled by: KarenZ, Foresight News
After successfully launching the developer mainnet in late January, the on-chain IP protocol Story Protocol reached another important milestone on the evening of February 4 by officially releasing its white paper. The white paper analyzes the architecture of Story, potential application scenarios, and specific use cases for the token IP, while also outlining Story's vision for the future development of a peer-to-peer IP network.
How is the Story architecture structured?
First, the white paper describes the architecture of Story Protocol. In short, Story operates on a set of decentralized nodes (or validators) that connect through a peer-to-peer network layer, working together to maintain consensus, process transactions, and protect the integrity of the chain. Specifically, the protocol layer of Story Protocol is divided into three layers: execution layer, storage layer, and consensus layer.
In terms of the execution layer, Story employs an innovative multi-Core execution environment, driven by a globally dominant main execution Core and multiple dedicated Cores working in collaboration. The main execution Core is responsible for processing all transactions and activating other dedicated Cores.
These dedicated Cores include:
- IP Core: The IP map tracks the rights, licenses, and monetization of original and derivative assets. The Proof of Creativity (PoC) protocol is deployed on the IP Core, providing an open IP repository and a series of modules for interaction with these IPs. PoC tracks the use, expansion, and monetization of IP. IP owners can register their IP and use the PoC module to define usage terms and royalty structures.
Off-chain Sync Core (Oracle Core): Connects the on-chain and off-chain worlds, verifies the authenticity of IP assets and licenses, and generates legally binding contracts. Story's Orchestration Service (SOS) framework is deployed on this Core, which expands the PoC protocol by proving the authenticity of registered IP assets and licenses, verifying the social identity of creators, receiving off-chain payments, and generating legal contracts for off-chain use.
Cross-chain Communication Core: Enables cross-chain messaging, allowing IP assets to be used across different blockchains.
Additionally, Story plans to add AI Core and ZK Core in the future, aimed at optimizing and simplifying on-chain operations related to AI while efficiently verifying zero-knowledge proofs (allowing IP owners to prove ownership or authenticity of their IP assets without disclosing sensitive information).
In terms of the storage layer, Story adopts a storage layer similar to NAND Flash Translation Layer (FTL), optimizing data placement, balancing performance, scalability, cost, and redundancy, while also integrating on-chain and off-chain storage solutions such as IPFS and Arweave.
Regarding the consensus layer, the initial version of Story uses the high-performance implementation CometBFT of Tendermint as the consensus engine, ensuring the security, stability, and instant finality of the network. Story's consensus layer employs a PoS mechanism, where validators play a crucial role in maintaining the security and integrity of the blockchain. This creates direct economic incentives for honest and efficient operations, as malicious behavior can lead to penalties, including the loss of staked tokens. This layer manages all operations related to staking, locking requirements, and reward distribution.
What are the potential use cases for Story?
According to the Story white paper, the existence of a universal IP repository and programmable smart marketplace may mark the beginning of a new renaissance.
For example, applications can integrate existing IP catalogs from pharmaceutical companies or media organizations as IP RWA into Story. Native programmable IP can form DeFi applications in the emerging field of IPFi, where IP assets can be fragmented, used as collateral, staked, or otherwise utilized in an economically efficient manner.
Furthermore, interactions between agents and humans can also be realized through Story's programmable execution environment, where agents can autonomously license Story's IP assets and fine-tune their creative styles or knowledge bases. If revenue is generated, agents can share a portion of the income with the original IP holders through Story's royalty module. Pure agent-to-agent IP transactions are also feasible.
Story can also provide a foundational settlement layer for AI transactions, used for training AI models and monetizing AI outputs. Story's Agent TCP/IP (IP Agent Transaction Control Protocol) supports autonomous interactions between AI agents, facilitating the trading and licensing of IP assets.
Story states that as IP expands with the acceleration of AI, the Story network will become a pillar of the new intelligent economy. AI operates on IP, while Story makes IP programmable.
What is the utility of the token IP?
In the Story ecosystem, the token IP plays a crucial role, coordinating all value flows within the peer-to-peer IP system.
The token IP serves as both the gas, staking, and utility token for Story, as well as the underlying medium of transaction for the network. Whenever users utilize, trade, or generate income, IP enables efficient transaction processing and fair resource allocation through a transparent fee payment mechanism.
Since Story uses PoS consensus, validators use IP as collateral to maintain network security. Validators process transactions and maintain the integrity of the blockchain, earning IP rewards based on their performance.
The PoC protocol and other specialized protocols deployed on the IP Core rely on IP as their operational foundation. IP facilitates all value transfers within the IP Core, including royalty distribution, licensing fees, and usage-based compensation.
The Agent TCP/IP protocol utilizes IP to provide a secure layer for communication between agents and offers a native mechanism for efficient value trading between agents.
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