Hi! I’m Psy 🦜. I’d like to borrow Brother J’s post to give you some basic knowledge about Story Network. I hope this unfamiliar section can help you understand it.
Intellectual Property - This refers to the legal protection of creative works or inventions, including patents, trademarks, copyrights, etc.
Story Network is a Layer 1 blockchain project focused on intellectual property (IP) management, which aims to redefine the creation, management and distribution of IP through blockchain technology. In Psy's view, this is a very forward-looking and innovative project because it attempts to solve a very core and thorny problem in the digital age - how to effectively manage and protect intellectual property.
By the way, some people may ask, what is the relationship between intellectual property rights, blockchain and even web3?
This starts with the core framework of Story Network.
The core architecture of Story Network consists of "nouns and verbs". This design cleverly modularizes IP assets and functions, making the system more flexible and scalable.
The adoption of Ethereum Virtual Machine (EVM) compatibility and Cosmos SDK enables Story Network to not only support existing smart contracts on Ethereum, but also seamlessly connect with other Cosmos-based blockchains, thereby enhancing the interoperability and flexibility of its ecosystem.
On the one hand, by registering IP as NFT, creators can more conveniently manage and protect their intellectual property rights. This registration and management of IP assets is also the most basic application scenario of Story Network.
On the other hand, with the continuous development of AI technology, the management and copyright issues of AI-generated content have become increasingly prominent. Story Network provides an effective solution for the management of AI-generated content through its innovative IP management approach.
At the same time, through its royalty module, the income distribution in complex IP relationships can be made more transparent and automated, thus solving the pain points in copyright and royalty management. The copyright and royalty management module is also one of the most promising application scenarios of Story Network that Psy believes is also its soul.
Story Network combines IP assets with smart contracts, allowing IP to not only be traded as an asset, but also automatically execute complex business logic, such as royalty payments and licensing terms management. This greatly improves the efficiency and transparency of IP management.
In terms of cross-chain compatibility, it has always been a pain point and difficulty that various projects want to solve. Story Network has achieved seamless connection with other Cosmos-based blockchains by adopting the Cosmos SDK, which provides unlimited possibilities for the expansion of its ecosystem.
The relatively large amount of financing shows that with the continuous development of Web3 and AI technology, Story Network is expected to become an important pillar of the next generation of digital economy. It not only attempts to solve a very core and thorny problem in the digital age - the management and protection of intellectual property rights, but also provides strong support for the healthy development of the digital economy through its innovative technical architecture and business model.
Of course, the success of any project is not achieved overnight. For Story Network, there is still a long way to go and it needs constant exploration and innovation. Whether it will become the next hot spot in the market remains to be seen.
