Find out more about Story Protocol unique design and benefits it brings to Web3 below.
Story Protocol
EVERSTAKE validator address
Delegating step-by-step
Since August 27, 2024, Story Protocol has been in its testnet stage, providing builders, creators, and crypto enthusiasts the tools to simulate intellectual property creation along with staking IP tokens with the testnet validators, including Everstake.
To try IP tokens staking in the current Odyssey testnet complete a few simple steps:
- Connect your wallet to the official Story faucet and claim test IP token.
- Connect your wallet to the current Story Protocol’s testnet Odyssey, choose any validator, for example, Everstake, and delegate test tokens.
Blockchain Overview
Story Protocol aims to revolutionize intellectual property (IP) management by bringing IP assets to the blockchain, which can be tokenized, liquid, and easily licensed. Historically, IP has been locked in an outdated legal system, making it difficult to license and manage, especially for creators who can’t afford costly legal agreements. This leads to inefficiencies and inaccessibility in the multi-trillion-dollar IP market, which has lagged behind other digital assets regarding liquidity and interoperability.
Story Protocol’s solution is to tokenize IP, transforming it into a modular, blockchain-based asset with automated, programmable licensing and royalty tracking. By using a Proof-of-Creativity Protocol and a universal, legally backed Programmable IP License, Story enables creators to monetize IP assets across platforms. This infrastructure fosters a decentralized ecosystem where IP can be freely licensed, remixed, and shared, potentially unlocking vast liquidity in the IP market.
Story Protocol Social Media
Story Protocol Links
Highlights of Story Protocol Staking
Although built on the Cosmos SDK, Story Protocol introduces unique staking rules for IP tokens designed to optimize its tokenomics. These differences set it apart from staking other Cosmos tokens, making it crucial to understand them before mainnet staking begins.
Story staking Dashboard: Staking IP is available at the native staking dashboard where you can select a validator and delegate IP tokens.
Minimum Stake Requirement: A minimum of 1024 IP is required for staking, whether creating a validator, delegating, or redelegating.
Staking Locked & Unlocked Tokens: Both locked and unlocked tokens can be staked. Locked tokens earn half the rewards of unlocked tokens but still contribute equally to network voting power. Owners of locked (vested) tokens should note that to stake their IP, they must choose validators specifically designated for staking locked tokens.
Reward Multipliers by Period: Fixed staking periods (7, 14, or 21 days) for unlocked tokens offer increasing rewards with longer commitments. Flexible staking is available for both token types but earns lower rewards.
Unbonding Period: Staking withdrawals are subject to a 14-day unbonding period during which no rewards are earned, and tokens remain at risk of slashing.
Validator Limits & Rewards: The active validator set includes the top 112 validators ranked by stake, participating in consensus, and earning block rewards.
Dynamic Emissions: Token emissions are algorithm-driven and adjusted via governance or hard forks, ensuring adaptability to network needs.
Auto Reward Distribution: Rewards accumulate per block but are distributed automatically once they exceed 8 IP, streamlining reward management.
Flexible Operations: Features like delegation, redelegation, and operator permissions offer flexibility for stakers and validators to manage their assets efficiently.
The Architecture of Story Protocol
Story Network is a specialized layer 1 blockchain designed to streamline intellectual property (IP) management by handling complex data structures quickly and cost-efficiently. With a unique focus on IP, it uses graph-like data architecture to support intricate relationships within IP assets, such as remixing, licensing, and royalty distribution. Story Network is EVM-compatible, which means it supports Ethereum's Solidity code and allows existing applications to transition smoothly to the platform.
The platform’s single-slot finality provides fast transaction confirmation, enhancing user experience across IP-driven applications. Story Network’s infrastructure and SDKs also enable developers to create IP-centric apps, making it a versatile foundation for IP management in Web3.
The Proof-of-Creativity Protocol within Story Protocol is a blockchain-based system designed to streamline and automate intellectual property (IP) management. This protocol enables IP to be easily tokenized, programmed, and licensed on-chain, facilitating permissionless licensing, automated royalty payments, and more.
The Programmable IP Licenses (PILs) in Story Protocol are standardized, blockchain-enabled licensing agreements tailored for intellectual property (IP) assets. PILs simplify IP licensing by providing pre-configured terms that creators can easily customize for various types of media and usage scenarios. This system allows for streamlined licensing and royalty management, making it easier to set terms, track IP use, and receive automated royalty payments.
Everstake Participation
Story Protocol is currently in its final testnet phase Odyssey, and Everstake is proud to contribute as a selected validator, applying our robust infrastructure and proven expertise to support the network's development. We’re excited to be part of Story Protocol’s transformative vision for intellectual property and look forward to helping bring this much-needed innovation to the IP ecosystem.
Interested in delegating $500k+ of IP tokens once mainnet is live?
Everstake is happy to discuss special staking conditions and the services we provide for institutions and large investors. Please, contact us for more details or book a call with our Story Protocol Blockchain Manager.
