Story Protocol is a platform that uses blockchain technology to securely register, license, and protect the commercial rights of creative content. This protocol was developed with the goal of safeguarding copyrights and ensuring that content owners can monetize their works, particularly in an era where artificial intelligence (AI) and digital content production are rapidly increasing. So, what are the details of Story Protocol? In this article, we will discuss how the protocol operates, its security, and its objectives, and explore how it introduces innovation to the industry.
Who is the Founder of Story Protocol?
Story Protocol was founded by Seung Yoon Lee in 2022. Lee, who previously founded the story-sharing platform Radish Fiction, started a new venture in the blockchain space after selling Radish to the South Korean tech giant Kakao. Other co-founders of Story Protocol include Jason Zhao and Jason Levy. Zhao is a tech expert who previously worked at DeepMind, and Levy is an experienced business executive. Together, this trio developed Story Protocol to manage creative content securely in the digital space through blockchain technology.
Where is Story Protocol Located?
Story Protocol’s headquarters is located in Bellevue, Washington, USA. The protocol also operates globally, serving a broad user base, especially in creative industries and blockchain communities. It holds a prominent place among tech startups in San Francisco.
What is the Value of Story Protocol?
In AUGUST 2024, Story Protocol reached a valuation of $2.25 billion after raising $80 million in a funding round. This round was led by Andreessen Horowitz (a16z) and saw participation from crypto-focused venture capital firms such as Polychain. To date, the company has raised a total of $143 million in investments.
What Does Story Protocol Do?
The primary purpose of Story Protocol is to ensure that content creators’ works are protected and that unauthorized use is prevented by securing them on the blockchain. The protocol allows users to register and monitor their intellectual property rights. This system enables content owners to easily license their works and generate revenue from them. Additionally, the protocol accelerates content sharing and collaboration, supporting the creative economy.
Which Blockchain Does Story Protocol Operate On?
Story Protocol is built on its own proprietary blockchain network, known as Story Network. Story Network is fully compatible with Ethereum and the Cosmos SDK, facilitating the efficient and cost-effective processing of creative content. This network represents intellectual property as graph data structures, enabling fast and low-cost processing.
What is Story Blockchain IP?
Story Blockchain IP is a system that allows content owners to register their intellectual property and manage it on the blockchain. This system makes it easy for content owners to define the terms of use for their content and to generate income. For example, an artist or writer can specify what kinds of uses are permitted for their work, and these terms can be automatically enforced through smart contracts on the blockchain.
What is Story Network?
Story Network is the blockchain network that underpins Story Protocol. This network records content ownership, automates licensing and usage terms, and ensures the protection of intellectual property rights. Similar to other protocols running on the Ethereum network, Story Network is based on smart contracts and significantly contributes to the digitization of the creative economy.
What are the 7 Layers of the Protocol?
Story Protocol is built on a seven-layer system, which includes:
- Physical Layer: The layer where data is transmitted physically.
- Data Link Layer: The layer where data is broken down into frames and physical connections are managed.
- Network Layer: The layer responsible for routing data between networks.
- Transport Layer: The layer that ensures data integrity and accuracy.
- Session Layer: The layer that manages communication sessions.
- Presentation Layer: The layer that converts data into appropriate formats.
- Application Layer: The layer where users interact directly with the protocol.
These layers ensure the protocol can efficiently and securely manage intellectual property processes.
Is Story Protocol Secure?
Story Protocol offers a secure platform by leveraging the transparency and security advantages of blockchain technology. Since the blockchain records content in an immutable way, content creators are protected from unauthorized use of their works. Additionally, the smart contracts created on the protocol automatically manage processes like licensing and royalties, minimizing errors caused by human intervention.
In conclusion, Story Protocol is a platform that uses blockchain technology to securely protect and manage creative content. It provides a safe and transparent environment for creators, offering significant advantages in managing digital copyrights, especially in an era where AI technology is rapidly advancing.
