The company hopes its network will be used by third parties who provide services to creators, such as community growth, AI content authentication, and crowdfunding. The network's open and modular architecture allows any application to "plug into" Story Protocol. The project is seen as an example of blockchain technology being used to address issues outside of crypto, with potential to transform the development of creative IP in a similar way to how Github revolutionized software development.
Key takeaways:
- Story Protocol, an open-source network for creators and intellectual property, has launched with over $54 million in funding led by Andreessen Horowitz.
- The project aims to simplify processes associated with maintaining IP and address concerns stemming from the recent popularity of AI in the creative industry.
- Story Protocol's network allows artists to track how their IP is used and shared across different mediums, and enables all parties involved to share in associated revenues.
- According to Simon Kim, CEO of Hashed, Story Protocol could revolutionize artists’ creative processes in the same way that Github changed software development.