What is Story?

Introduction

Intellectual property (IP) refers to original creations like art, music, writing, software, and other creative content. These assets are valuable, but managing, licensing, and protecting them is often difficult, especially in the digital world.

The current systems that handle IP—such as copyright offices and legal frameworks—are outdated. They’re slow, expensive, and often fail to give creators proper control or fair revenue. This gap has grown wider with the rise of AI. Large models are trained on massive datasets, sometimes using copyrighted material without clear consent or compensation. At the same time, creators struggle to prove ownership or earn income from their work.

Story is a blockchain project built to solve these problems. It turns intellectual property into programmable, on-chain assets. This means creators can register their work on the blockchain, set licensing rules, and allow others (even AI agents) to access or use their content under specific conditions. All of this happens automatically and transparently using smart contracts.

Story aims to be for IP what Ethereum is for finance — a programmable platform where IP rights can be enforced, shared, and monetized without needing a third party.

What is Story

Story is a layer-1 blockchain designed specifically for managing intellectual property (IP) in a digital and AI-driven world. It allows creators to register their work on-chain, define licensing rules through smart contracts, and earn revenue automatically when their IP is used. Unlike general-purpose blockchains like Ethereum, Story is built from the ground up to treat IP as programmable assets.

The core idea behind Story is that IP should be easy to register, verify, license, and trade—without relying on centralized institutions. With Story, any piece of content, whether it’s a song, dataset, code, or video, can be turned into a digital asset. These assets can then be licensed, shared, or sold with clear rules that are enforced automatically on-chain.

What makes Story unique is its support for modular IP structures. Instead of registering an entire creative work as one unit, users can break it down into smaller parts (modules). These modules can be combined, remixed, or referenced by others, with all ownership and licensing terms preserved and tracked on-chain.

Story also integrates features for AI interactions. Developers can use AI agents to license, trade, or reference IP content programmatically. This supports emerging use cases where AI needs to access copyrighted content under fair and transparent terms.

History of Story, Origins, and Key Persons

Story Protocol (also known as Story) was founded in 2022 by Seung Yoon “SY” Lee, Jason Zhao, and Jason Levy, with Hao Chen as CTO. The team built Story to address the growing problem of intellectual property (IP) misuse—especially as AI systems increasingly use vast amounts of data without clear licensing. Story aims to create a blockchain-native platform where IP can be registered, licensed, and monetized transparently and automatically.

• Seung Yoon “SY” Lee: CEO, co-founder; prior roles include founding Radish Fiction (acquired by Kakao for $440 million), and holds a BA from Oxford.
• Jason Zhao: Co-founder with a background as a researcher at Google DeepMind.
• Jason Levy: Co-founder; former director at Pocket Gems and held roles at Apple and Amazon.
• Hao Chen: CTO; formerly VP of Engineering at Harmony and software lead at Amazon.

Funding & Valuation

• May & September 2023 (Seed & Series A): Raised ~$54 million. Major backers included a16z Crypto, Endeavor, Polychain, Hashed, 11:11 Media (Paris Hilton), and Samsung Next.
• August 2024 (Series B): Raised $80 million led by a16z Crypto, with participation from Polychain, Anthropic’s Scott Trowbridge, Adrian Cheng, and Cozomo de’ Medici. Total funding reached ~$143 million at a post-money valuation of $2.25 billion.

Milestones & Community Engagement

In February 2025, Story launched its public mainnet “Homer” and unlocked 25% of its 1 billion $IP token supply. It recorded ~5 million daily transactions and ~19 million active wallets prior to launch. Over 200 teams and 20 million+ IP assets registered during beta, including integrations with Ablo, Sekai, and Magma.

Story Foundation, a Cayman Islands entity, oversees governance and token management. It engaged legal counsel (Walkers Global) and structured the $IP token to support decentralized participation and community grants.

How Does Story Work?

Story is a Layer‑1 blockchain built to handle intellectual property (IP) as structured, programmable data. It combines smart contracts, modular architecture, and AI compatibility to allow users to register, license, track, and trade IP directly on-chain.

IP Registration on Chain

Creators start by uploading their work (e.g., art, code, writing, datasets) and registering it on the Story blockchain. This creates an IP Asset, which is represented by an NFT or smart contract module. Each asset can contain metadata such as the creator’s identity, ownership rights, licensing terms, and usage restrictions.

Modular IP Graphs

Story allows creators to break their work into Modules. Each module represents a functional or creative unit (for example, a character in a book or a sample in a music track).

Modules can be referenced, reused, or built upon by others. When someone reuses a module, Story automatically tracks that connection, forming an IP Graph — a transparent map showing how different IP assets are linked. This modular approach supports remixing, collaboration, and derivative works without confusion over rights or ownership.

Programmable IP Licenses (PILs)

The licensing logic is enforced using Programmable IP Licenses (PILs). These are smart contracts that define:

• Who can access or use the IP
• Under what conditions (e.g., free, paid, non-commercial)
• What royalties or fees are owed
• Duration and revocability of the license

These licenses are on-chain and enforceable without needing third-party intervention.

Proof of Creativity Protocol

To help prove originality, Story uses a Proof of Creativity system. This allows creators to anchor their work with a timestamp, metadata, and links to related modules. It helps establish authorship and prevents disputes about who created what.

AI Agent Layer (Agent TCP/IP)

Story is built to support automated interactions with AI. Using the Agent TCP/IP protocol, AI systems can query, license, and transact with IP content directly. This is especially important in AI model training and generative tools, where agents may need to license data or media assets in real time. The system handles these transactions automatically based on pre-set licensing logic.

On-Chain Revenue and Attribution

When IP is used under a PIL, the smart contract automatically processes payments. Royalties go directly to the creator’s wallet. Attribution data is also stored on-chain, so everyone can see how the content was used and by whom.

This reduces manual accounting and ensures fair revenue distribution, especially for remixed or collaborative content.

Key Features of Story

Story is designed to handle intellectual property (IP) in a modular, programmable way. Its key features reflect this focus, offering tools for registration, licensing, usage tracking, and AI-based interactions.

Layer-1 Blockchain for IP

Story is a standalone Layer-1 blockchain—not a Layer-2 or a smart contract deployed on another chain. This gives it full control over consensus, security, and network behavior. It uses the CometBFT consensus engine, combining the modularity of Cosmos with Ethereum Virtual Machine (EVM) compatibility. This allows developers to use familiar tooling while taking advantage of Story’s IP-specific logic.

IP as Modular, Composable Assets

Creators can structure their content into Modules. Each module is a discrete unit of IP, such as a character, a sound effect, or a code function. These modules can be:

• Registered independently
• Linked to other modules
• Reused by others with full attribution and licensing logic

This structure supports remixing, branching, and collaboration while preserving ownership and rights.

Programmable IP Licenses (PILs)

Licensing on Story is handled via PILs, which are smart contracts that define who can use an asset, how it can be used, and what compensation (if any) is required. Features include:

• On-chain enforcement
• Customizable terms (e.g., free, paid, limited-time)
• Royalty flows managed automatically
• Public visibility of license conditions

This eliminates ambiguity around rights and automates transactions.

Proof of Creativity

Story offers a way to prove authorship via Proof of Creativity. When IP is registered, a verifiable on-chain record is created. This includes timestamps, metadata, and linkages to related works. It helps protect against plagiarism and supports legal recognition of creative origin.

IP Graph Architecture

All modules and their relationships are recorded in a directed acyclic graph (DAG) structure known as the IP Graph. This structure:

• Tracks dependencies between works
• Shows how new creations build on existing modules
• Ensures attribution and revenue are distributed accurately across the graph

It also provides a historical record of how ideas evolve and are reused across the network.

Agent TCP/IP

Story introduces Agent TCP/IP, a communication layer for AI agents. It allows software agents (including AI models) to:

• Discover IP
• Query license terms
• Execute licensing transactions autonomously

This makes it possible for AI systems to license and use content under smart contract-enforced conditions, which is important in machine learning and generative AI applications.

EVM Compatibility

Story supports the Ethereum Virtual Machine (EVM), enabling developers to write smart contracts using Solidity and use familiar tools like MetaMask, Remix, or Hardhat. This lowers the entry barrier for developers and supports integration with existing ecosystems.

Royalty and Payment Automation

When an asset is licensed or reused, payments are distributed instantly and transparently. Smart contracts handle:

• Royalty splits between creators
• Recurring payment logic
• On-chain logs for verification

This reduces the overhead and disputes common in traditional IP monetization.

Is Story (IP) a Good Investment?

Story targets a real and growing problem: the need for transparent, programmable IP management. This becomes more urgent with the rise of generative AI models that require properly licensed training data. By focusing on the intersection of IP and AI, Story positions itself in a high-demand niche that is under-served by other blockchains.

Story has raised over $140 million from top-tier investors, including a16z Crypto, Polychain Capital, Samsung Next, and Endeavor. This level of institutional support signals strong confidence in the team and long-term vision. It also suggests that Story has the resources to support growth and ecosystem development over multiple years.

The token ($IP) is used for gas, staking, governance, and possibly royalty distribution. These are practical, demand-driven utilities tied to real-world creative activity. The system is also built to serve developers, artists, researchers, and AI teams—users who generate and consume IP in high volumes.

As of early 2025, Story launched its “Homer” mainnet and reported over 5 million daily transactions and 19 million testnet wallets. It also onboarded 200+ partner projects. This level of network activity is uncommon for projects at launch and suggests there is real interest and usage—not just speculation.

Like any early-stage Layer‑1, Story faces competition from other ecosystems. Adoption depends on real creators and developers building on it. Regulatory developments around copyright law and crypto could also affect its growth. Investors should also monitor how the tokenomics play out—especially with 25% of $IP tokens unlocked at launch and further unlocks scheduled over time.

If Story succeeds in becoming the standard platform for on-chain IP, it could have significant upside. Its relevance will grow as AI adoption increases and as creators look for new ways to manage rights and revenue digitally. However, as with all crypto investments, it carries risk, and users should not expect guaranteed returns.

How Can You Own Story (IP)

IP is available for purchase on major centralized exchanges such as gate.com. To buy
IP is available for purchase on major centralized exchanges such as gate.com. To buy
IP is available for purchase on major centralized exchanges such as gate.com. To buy IP, create and verify an account on Gate. Deposit fiat or crypto (e.g., USDT or USDC). Search for the trading pair (e.g., IP/USDT) and complete your purchase.

For users who prefer self-custody, $IP can also be acquired on DEXs that support its bridged version (e.g., on Ethereum or BNB Chain). Moreover, Story runs incentive programs for early adopters and ecosystem participants. Holders can also stake their $IP tokens to earn rewards.

Tokenomics of Story (IP)

Total Supply

Fixed supply: 1,000,000,000 (1 billion) $IP tokens. The total supply is capped and will not be increased.

Initial Distribution

According to the official documentation and public announcements, the token distribution is broken down as follows:

• 38.4% ecosystem + community,
• 10% initial incentives
• 10% foundation
• 21.6% early backers
• 20% core contributors

This distribution ensures that a significant portion (over 50%) is allocated to long-term growth, ecosystem building, and community engagement.

Vesting and Unlocks

At mainnet launch (Feb 2025), 25% of the total supply (250 million tokens) was unlocked. The remaining 75% will unlock over time according to scheduled vesting plans for core contributors, investors, and ecosystem grants. Vesting periods vary by category, with longer lockups for insiders to prevent early sell-offs.

Utility of $IP

$IP is used for multiple on-chain functions:

• Gas Fees: Paid for every transaction on the Story blockchain.
• Staking: Secures the network through delegated Proof of Stake (PoS). Users can stake directly or delegate to validators.
• Governance: Token holders can propose and vote on protocol upgrades, funding decisions, and ecosystem initiatives.
• Licensing and Royalties: Smart contracts use $IP to process royalty payments, license fees, and splits among multiple IP owners.

Monetization and Revenue Flow

When creators register IP and apply Programmable IP Licenses (PILs), the $IP token is used to:

• Pay for licensing access
• Automate royalty distribution
• Enable fractional ownership and usage rights

This turns IP into a revenue-generating on-chain asset class, with $IP at the center of transactions.

Roadmap of Story

Completed Milestones

• Mainnet Launch (Feb 2025)
  Story launched its Layer-1 mainnet, named Homer, unlocking 25% of the total $IP token supply. The launch followed a successful testnet phase with over 19 million wallets and 5 million daily transactions.

• EVM Compatibility & IP Core
  The mainnet supports Ethereum Virtual Machine (EVM) smart contracts and modular IP asset registration. It also includes the IP Graph, a system for linking and tracing reusable content modules.

Q2 2025: Beta Product Releases

• IP Portal (public beta)
  A no-code web interface for creators to register, manage, and license IP assets. Designed to act as a “GitHub for IP,” this tool helps creators mint IP modules, attach licenses, and track usage.

• Story Attestation Service (beta)
  An off-chain service that verifies identity and content originality. It anchors attestations to the blockchain to strengthen claims of authorship and provenance.

Q3 2025: Technical Upgrades

• Consensus Improvements
  Planned upgrades to block times, network throughput, and validator sync via state snapshotting.

• IP-Core Enhancements
  Optimization of the underlying graph architecture for better performance in managing complex module relationships and attribution chains.

• IPKit SDK Release
  Developer tools for integrating Story functionality into applications. The SDK simplifies IP onboarding, license interaction, and revenue flows.

• Validator Set Expansion
  Increasing the number of validator slots (currently 64) to promote further decentralization. A new governance proposal will determine participation rules.

In Development / Research Phase

• Cross-chain Integrations
  Story is working with partners like LayerZero and Pyth to enable bridged tokens (e.g., USDC) and oracle data across networks. No deployment date confirmed.

• Passwordless Authentication
  Support for passkey-based login (FIDO standard) is under exploration. Aims to simplify onboarding while improving security, especially for creators.

• Agent TCP/IP Rollout
  Ongoing development of autonomous agent protocols that allow AI systems to search, negotiate, and license IP without manual input.

• IPFi Features (Fractional IP)
  Future tooling to enable IP-backed financial products, such as revenue-sharing tokens, collateralized IP assets, and royalty trading marketplaces.

• Governance Tools
  Work continues on on-chain proposal interfaces, dispute resolution systems, and transparent upgrade voting mechanisms.

Conclusion

Story is a purpose-built Layer-1 blockchain focused on turning intellectual property (IP) into programmable, on-chain assets. It offers creators a way to register their work, license it transparently, and receive automated royalties—all without relying on centralized intermediaries.

The platform addresses real challenges in today’s digital environment, including copyright management, AI model licensing, and creative reuse. With tools like modular IP graphs, programmable IP licenses (PILs), and AI agent interoperability, Story introduces a practical solution for both human creators and machine users.

Story is backed by experienced founders and major investors, including a16z Crypto, Polychain, and Samsung Next. It has already launched its mainnet, gained traction through testnet participation, and continues to release new infrastructure for users, developers, and AI applications.

From a technical and market perspective, Story is positioned to support a growing demand for transparent IP systems—especially in the context of AI, open-source development, and decentralized finance (IPFi).

For users and investors, owning $IP provides access to governance, staking, network participation, and future opportunities tied to the programmable IP economy. As the platform matures, its success will depend on adoption by creators, utility-driven token usage, and continued network development.