The story protocol launched the Blockchain dedicated to intellectual property and associated IP token on Thursday.
Blockchain is positioned as “World’s Intellectual Property Network,” which provides users a way to register their IP and monitor how others use it. The appropriately named “$ IP” token, which the story revealed Last weekis used for transaction fees and offers users a vote on the platform management system.
“The story creates a new standard for the IP, which makes it possible to program the $ 61 trillion class of possession so that the IP is monitored, protected, and that -monetize, allowing everyone to see upside down, “The project said in a statement shared with CoinDesk.
So far, the idea seems to have legs – at least investors. The Pip Labs, the chain’s main developer, raised $ 80 million in a B venture series of funding funded by Andreessen Horowitz (A16Z), which brings total project funds to $ 140 million.
Pip seeks to position the story at the intersection of blockchain and artificial intelligence, a way to monitor and pay people for data used to train AI models.
“Without a good original IP, AI models were not formed,” PIP Labs co-founder and CEO Sy Lee told CoinDesk. Now, AI is “taking, stealing all your data without your permission,” he said.
The launch of the mainnet story includes the first unlock event for the just-revealed IP token. “The story opens 25% of the initial 1 billion $ IP, with 58.4% focused on ecosystem and community, foundation, and initial incentives,” according to the project.
