Exclusive interview with Story Protocol co-founder: An on-chain Renaissance on the assetization of "programmable IP"

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“IP is not just media, it’s media plus rights.”

Reporter: Sunny and Min, Xiaobai Navigation Coderworld

Guest: Jason Zhao, Story Protocol Co-founder

The crypto world is a game about asset issuance and trading.AIFrom models to MEME, all intangible assets seem to be able to be capitalized, thus starting the journey of trading. What about IP?

The pioneer in this field is Story Protocol, which is building a programmable IP layer that allows creators to combine, reconstruct and monetize their works through on-chain rules, and is committed to leading a wave of on-chain Renaissance.

In September 2023, Story Protocol announced the completion of a $25 million Series A financing, a16z cryptoLeading the investment, together with the previously completed $29.3 million financing, Story Protocol’s total financing has exceeded $54 million. Other core investors include South Korea’s largestBlockchainFund Hashed, Endeavor, the agency behind Gu Ailing, Samsung Next, an investment institution under Samsung, and Alliance, the world's largest Crypto accelerator...

Story Protocol has three co-founders, who are from South Korea, the United States, and Chinese Americans, forming a unique "China-US-Korea" background distribution.

  • SY Lee graduated from Oxford University in the UK. He founded the serialized novel platform Radish and served as a VC partner of Hashed, the largest crypto fund in South Korea.

  • Jason Levy graduated from Stanford University and was responsible for content and IP at Episode, a top storytelling platform on mobile devices;

  • Jason Zhao also graduated from Stanford University and worked as a product manager at Google's Deepmind, dedicated to bringing the latest AI Commercialization of scientific results.

Curious about "How does Story Protocol lead the on-chain Renaissance?", coderworld interviewed co-founder Jason Zhao to find out.

专访Story Protocol联合创始人 :一场关于“可编程IP”资产化的链上文艺复兴

Story Protocol’s founding story and founder background

coderworld

Could you first tell us about the background and original intention of Story Protocol?

Jason

Story Protocol has three co-founders: SY Lee, myself, and Jason Levy.

The creation of Story Protocol was driven by two main factors. First, SY and Jason are both experienced entrepreneurs in the media field.cryptocurrencyand entertainment industries. For many years, they have been exploring issues in the intellectual property system for the creative industries.The Hollywood StrikeThese issues have come to the fore in the 2016 film The Last Airbender, where actors and writers are protesting an unfair creative economy.

KnowXiaobai NavigationIntellectual Property Intellectual Property (IP) assets are often controlled by large studios like Disney or Paramount, making it difficult for smaller entities to acquire and exploit IP without extensive legal resources. The process is not only expensive but also lacks transparency.

关于我自己,我在谷歌的 AI 机构 DeepMind 工作多年,担任产品负责人。我的工作是把 AI 研究转化为创新的消费者产品。我对利用前沿技术提高消费者可达性和实用性充满兴趣。In contrast,cryptocurrencyI was further fascinated by the dynamics of the field and the permissionless environment, which accelerates the process from research to product implementation.Individuals can come up with an idea via a white paper and quickly implement it, developing a protocol involving a large number of transactions and user interactions within a few weeks.This open and natural approach to product development stands in stark contrast to the high computational and data requirements of the AI field, the accessibility of which is often limited to a few large companies.

Additionally, I majored in philosophy in college, focusing on political theory, which led me to develop a keen interest in the fundamental ideas of Bitcoin and Ethereum.DAOI was also intrigued by discussions of blockchains and their potential governance models, which are similar to cooperatives, can reflect different political beliefs, and enable users to participate in governance and ownership.

Overall, Story Protocol presents a significant opportunity for innovation in the field of intellectual property, an area that, while important in decentralized finance and financial infrastructure, has been underexplored in its applications to the creative and cultural industries. We are committed to leveraging the latestBlockchainResearch will revolutionize the way intellectual property is developed, managed and monetized, ushering in a true on-chain Renaissance.

Traditional Intellectual Property Vs. Programmable Intellectual Property

coderworld

What is programmable intellectual property and how does it differ from traditional intellectual property?

Jason

Let me explain with an analogy.

DeFi (decentralized finance) makes money programmable, and our goal is to do the same for intellectual property (IP). Imagine if youwalletA physical dollar in a banknote can only be used to buy a candy bar at the corner shop. It has very limited use, is almost untraceable, and is difficult to be accepted by the wider financial system.

In contrast, with stablecoins in DeFi, such as USDC or USDT, while it still represents one dollar, you have an on-chain asset that can be used on platforms such as Uniswap. You can exchange USDC on Uniswap, stake ETH through Lido to get stETH, and then lend these stETH on Compound to get compound stETH. This creates a huge financial ecosystem that is only limited by the creativity of developers and the functionality of the software, and is completely permissionless.

Now, applying this philosophy to IP, our goal is to do for IP what DeFi did for money by making IP programmable.

Managing IP currently relies heavily on traditional, paper-based methods. Considering popular characters like Mickey Mouse or Pokémon, their IP protection involves a large amount of legal documentation. Entire legal teams are dedicated to protecting these IPs, and licensing often involves expensive and complex negotiations between lawyers.This is not a scalable solution.This results in many potential IP interactions not occurring due to high costs and friction.

In Story Protocol, we envision transferring IP toBlockchainIt not only allows media files to be put on the chain as NFT,It also creates a rights layer for each media file - which can be thought of as a rights API.IP is more than just media; it is media plus rights.

Our goal is to enable creators to upload their IP to Story Protocol and define how others can build, compose, and reuse their creations.

This approach will unlock full composability, extending from DeFi to the creative sector.

coderworld

Can you describe the technical architecture of Story Protocol and how it is used?BlockchainDoes technology manage intellectual property?

Jason

The architecture of Story Protocol mainly consists of two basic components: "nouns" and "verbs".

"Nouns" represent the core elements or states that define an IP. For example, you can bring in any existing or newly created NFT, like Bored Ape, or if you are converting from Web 2.0, you might upload a character you created. Once uploaded, Story Protocol will automatically mint an NFT for you and assign an account with a designated pointer to each NFT. This process is similar to traditional NFTs, but with some enhancements:We attach a token-bound account to each NFT, similar to a smartcontractwallet, serving as a gateway to a wide range of functionality, including permissionlesscombination, licensing, royalty and attribution management.

“Verbs” refer to the different actions or modules that define how you can interact with and benefit from your IP. These collections of functions allow IP registered on our platform to be used in a dynamic and flexible way.

这些“名词”和“动词”共同构成了 Story Protocol 的基础结构,为在Blockchain上管理和创新知识产权提供了一个强大而直观的环境。

IP on-chain falls under the category of RWA: an on-chain legal layer needs to be established before interoperating with DeFi

coderworld

How does Story Protocol’s programmable IP reach consensus with the off-chain legal system?

Jason

In withOff-chain legal systemStory Protocol aims toNot a replacementexisting legal frameworks, but rather to make them more efficient.

We recognize copyright as a reliable source of authority and aim to bridge the gap between the traditional paper-based legal system and the more autonomous blockchain infrastructure.To this end, we worked with a leading legal team to developProgrammable IP License", this licenseLegally binding, is intended to cover a wide range of use cases, although some specific cases may not be fully covered.

It includes a set of legal terms — such as derivative rights, advance fees and royalty sharing — that are directly mapped to on-chain logic, ensuring that the legal terms are programmatically executed on the blockchain. This creates a critical link between the legal and digital realms.

Regarding our market entry strategy, it involves two main directions.

First, we aim to attract existing Web 2.0 creators, devoting approximately 20% to 25% of our efforts to attract well-known creators in Hollywood and beyond to develop new intellectual property on Story Protocol. This strategy is critical because it demonstrates the benefits of our platform to a mainstream audience, emphasizing how it enhances creator control and fan engagement, allowing them to legally participate in the creative process, similar to officially sanctioned fan fiction.

Our remaining 75% efforts are focused on crypto-native areas that already have a deep understanding and high degree of consensus on our vision. This includes integrating with existing Web 3.0 applications and encouraging crypto developers to create new applications and IP types that are native to the blockchain environment. Given that new media technologies are often significantly different from their predecessors - just like the short video content on TikTok is very different from traditional movies - we believe that there is a huge opportunity to provide a new generation of crypto-native creators to innovate and create unique content types that were not previously feasible.

Overall, our approach balances introducing traditional creators to the benefits of blockchain technology and fostering a strong ecosystem of crypto-native innovation.

coderworld

Compared to putting other digital assets on the blockchain (such as Internet domain names),How is Story Protocol’s work on intellectual property different? Jason

At Story Protocol, we are very open in our approach and we are neutral about the types of intellectual property that can be registered. This flexibility stems from our core assumption: any NFT introduced into the protocol represents a media file. This file can be in a variety of formats - music, audio, video, MP3, image or text work. Basically, any form of intellectual property can be integrated into the protocol.

Our main focus is to introduce a legal layer on top of the blockchain to facilitate true, permissionless composability.Our goal is to encapsulate the rights typically found in legal contracts into a format that can be represented and automatically enforced on-chain.

This is not just about moving a license or an image to a blockchain — that’s already been done with NFTs. The transformative aspect of Story Protocol is that we are simultaneously moving the logic that makes the license self-enforcing and autonomous. This is where the real innovation lies — creating a system where legal agreements are not only digital, but dynamic and self-enforcing.

The real challenge,Right nowOur Innovation,It is going beyond the simple digitization of legal texts.

coderworld

The first registered on Story Protocolindivualreal worldWhat is intellectual property?

Jason

Currently running on testnet, Story Protocol has become a hub for a variety of experimental IPs. Creators are actively exploring and registering all forms of artwork, from organized projects to more spontaneous creations. Given the breadth of activity and the decentralized nature of our platform, it’s difficult to pinpoint a single “first” IP. This content spans a wide range of mediums, quality levels, and creative intent.

This vibrant testing ground is reminiscent of the early days of other blockchain innovations, when many experiments ultimately shaped the standard uses of the technology. Just as it’s hard to recall the first ERC-20 token that was relevant to the media, TokenSimilarly, identifying the first IP on Story Protocol is equally complex as creators from all over the world continue to contribute diverse works.

How is Story Protocol compatible with traditional Internet social software and on-chain social software?

coderworld

How does the user experience created by Story Protocol differ from uploading creations on traditional social media?

Jason

Our vision is not just to develop a brand new application, we are actively integrating with existing Web3 social media platforms.

For example, posting a drawing – unlike platforms like Instagram, where there is no inherent intellectual property protection for the images you post, we offer a transformative approach.

When uploading, users can attach specific rights to their IP directly on these platforms without permission. For example, if a creator wants others to commercialize their character design, they can set terms such as paying a certain amount of ETH and sharing the revenue, which are then stored and tracked on-chain through Story Protocol.

From the user's perspective,The interface remains familiar, but with a significant improvement. When browsing the feed, in addition to the usual interactive buttons, there is an additional button that displays the rights associated with each asset. This feature enhances transparency and user control over IP.

The real innovation of our approach lies in its scalability and interoperability. Any application that registers a character on Story Protocol not only protects itsSafety, which also makes IP universally accessible. Just as on-chain data is available in multiple applications, so is IP managed through Story Protocol. This universal IP layer enables any application, whether it is a licensing marketplace, creator tools, or other social media platforms, to leverage the same IP, ensuring seamless integration and broad accessibility.

coderworld

Story Protocol How to Web2 social media platform integration for IP Create and manage?

Jason

Magma ’s platform allows multiple team members to log in and create art together, making it a popular choice for game and film studios. They currently have over two and a half million users.

We have integrated with Magma and recently launched a demo in Denver, which you can check out on Twitter. With this integration, artists can register on Story Protocol with a simple click after completing their work on Magma. During the registration process, artists can directly set up rights, which is a process we have worked with Magma to simplify. This integration utilizes our SDK and API, but more importantly, we have simplified the user experience by abstracting complex operations such as wallet creation and gas fees. This ensures that creators on Magma can enjoy a seamless user experience without having to deeply understand the underlying blockchain technology.

This collaboration reflects our strategy in the blockchain space - not just promoting the technology itself, but emphasizing the practical benefits it brings. For Magma, the focus is not on the blockchain, but how the features we provide can enhance their platform and user experience.

coderworld

Why did you choose Magma?

Jason

Magma approached Story Protocol with a few specific issues they wanted to solve. Firstly, their writers needed a way to protect their IP and ensure transparency and provenance, and blockchain technology naturally provided this possibility. This was their main focus.

Secondly, Magma has introduced a generative AI feature in its platform, allowing creators to incorporate AI-generated elements into their artworks. They hope to use Story Protocol to track the involvement of AI in the creative process. This capability is becoming increasingly important because it helps verify whether the work is generated by AI, thereby addressing creators' concerns about the authenticity and originality of the work.

Third, and most excitingly, once an IP is registered on Story Protocol — like an amazing landscape created on Magma — it can be accessed by other applications. This means that platforms like Lens, Forecaster, and various AI applications can connect to and use this IP. We call this creating a universal IP database or IP liquidity, where there is a network effect; every application that registers an IP enables any other application to leverage it. This interconnectivity greatly enhances the utility and reach of registered IP.

Centralization Factors of Real-World Assets

coderworld

What are the potential major risk factors for Story Protocol?

Jason

Companies like Story Protocol, which aim to reimagine the intellectual property system for the creative industries, naturally face numerous challenges.One of the main obstacles is the complexity that comes with the word “authorization.”Typically, when people hear “IP” or “licensing,” they tend to lose interest due to its complexity. We are investing a lot of effort in ensuring that Story Protocol users do not need to deeply understand the complexities of licensing to benefit from our platform.

A good analogy is the payment processing company Stripe. Stripe has cleverly simplified the complexity of the global banking system and made it easy for developers to understand. They don’t need to educate users on how the financial system or credit card transactions work; instead, they provide a simple line of code that makes it easy for websites to accept payments.

Similarly, at Story Protocol, our goal is to communicate effectively not only with creators, but also with developers. We want them to know that they can use Story Protocol to remix or monetize IP without having to become licensing experts. We handle the complexities so that they can focus on creating and innovating. However, this simplification also brings new challenges, especially in overcoming deep-rooted cultural concerns about licensing due to historical complexity. Our mission is to break down these barriers and prove that managing IP can be as simple as integrating a line of code in an application.

How to stay competitive?

coderworld

Can you share some innovative ideas and applications that Story Protocol is currently exploring or has implemented?

Jason

Some of the concepts we are exploring are similar to Getty Images or Shutterstock, but adapted for the Web 3.0 environment, with a particular focus on the monetization challenges associated with AI-generated images. This area has the potential for innovation as current solutions for monetizing this type of content are limited.

Additionally, we have made progress developing a social composability platform that supports Web 3.0 and has integrated with platforms such as Lens and Forecast. Another area that has received a lot of attention but has not been widely explored is what I call "IP Finance" or "IPFi." Intellectual property is a valuable real-world asset class that is often utilized but is rarely fully exploited due to a lack of mechanisms to trade or create liquidity.

Possibilities we are exploring include using IP as collateral for lending protocols, or splitting andTokenThese initiatives can transform IP into a more liquid asset class, facilitating new forms of financial interaction and investment. The interest we have seen in developing such tools is significant and encouraging, highlighting the potential for innovative solutions to manage IP on the blockchain.

coderworld

Given the various business models we discussed, how does Story Protocol plan to profit from these protocol projects??

Jason

Let’s take Uniswap as an example. For a long time, Uniswap operated without any protocol fees. Until recently, their DAO Voted to introduce fees at the protocol level. We see a similar path for Story Protocol.正如 Uniswap 在 DeFi 生态系统中为可替代Token的交易构建了金融轨道,我们正在构建使可编程 IP 能够有效流通于各个平台的创意内容或 IP 轨道。

In terms of adoption, the value of a protocol is directly related to its usage;A standard is only meaningful if it is widely adopted.Currently, we operate as a public infrastructure, with a primary focus on promoting broad usage and integration.

Going forward, introducing protocol fees is a possibility we are open to considering, but it would be aCommunityIfCommunityWe have chosen to launch these fees, and they will be designed to support the continued decentralization and sustainability of the protocol. This approach ensures that we prioritize broad adoption and utility over immediate revenue generation, laying the foundation for long-term value creation within the ecosystem.

coderworld

Other protocols similar to Story Protocol may appear in the future.youHow do you view the competition in this field?

Jason

The moat is the key issue. For Story Protocol, our moat lies in the quality and quantity of IPs hosted on the platform.contractIt's publicly available on GitHub and I encourage everyone to check it out, but our core is the IP itself.

Just as Uniswap retains its liquidity despite the possibility of forks like SushiSwap, our strength lies in the unique, high-quality content we host. Even if other entities copy the logic and infrastructure of our protocol, they cannot replicate the unique cultural assets and creative content we host — from top-tier characters to engaging videos and stories.

This creates a kind of “IP liquidity” similar to the liquidity of fungible tokens. Just as liquidity is to decentralizationexchangeJust as the success of the platform is crucial to the success of the platform, the rich IP repository on Story Protocol makes it invaluable.technologyCan be copied, but the content ecosystem and the community that values and contributes to it – that can’t be replicated.

The article comes from the Internet:Exclusive interview with Story Protocol co-founder: An on-chain Renaissance on the assetization of "programmable IP"

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