● Diving Into the Past of IP: Lessons from IPwe and the Innovation of @StoryProtocol

While exploring the history of Intellectual Property (IP) management, I came across a project that previously operated in this space: IPwe

This initiative aimed to revolutionize IP management, particularly for patents, by leveraging blockchain and AI. Although its ambitions were high, the project faced significant challenges, ultimately leading to its failure. Understanding IPwe’s journey helps highlight the innovations brought by StoryProtocol, which has distinguished itself with a more comprehensive and forward-looking approach.

● The Rise and Fall of IPwe

Founded in 2017, IPwe set out to modernize the complex and often inaccessible world of patent management. The project envisioned a global marketplace for patents, where businesses could efficiently register, license, and trade their intellectual assets. However, several critical weaknesses hindered its success:

1. Limited Scope: IPwe focused narrowly on patents, ignoring the broader world of IP, including art, music, software, and datasets. This limited its appeal to a wider range of creators and industries.

2. Technological Gaps: Although IPwe utilized blockchain for tracking and transactions, it lacked features like programmable licensing or smart contract automation, which are essential in modern decentralized systems.

3. Adoption Challenges: The conservative nature of the patent industry made it difficult for IPwe to build trust and achieve widespread adoption.

Despite its innovative aspirations, these challenges culminated in IPwe filing for bankruptcy in 2024.

● How StoryProtocol Sets a New Standard

In contrast to IPwe’s shortcomings, StoryProtocol has redefined IP management with a broader vision, advanced technology, and a creator-first approach. It has introduced several groundbreaking features that make it a standout solution:

1. Comprehensive Coverage of IP

Unlike IPwe, which focused exclusively on patents, StoryProtocol supports various types of intellectual property, including:

Creative works like stories, scripts, and music.
Software and codebases.
Datasets for AI training.

This inclusivity ensures that creators across industries can benefit from the platform.

2. Programmable IP

StoryProtocol introduces the concept of Programmable IP, allowing creators to set detailed conditions for how their works can be used, licensed, and monetized. These conditions are enforced through smart contracts on the blockchain, automating processes like royalty distribution and usage monitoring.

3. Real-Time Licensing and Monetization

With StoryProtocol, creators can issue licenses in real-time, eliminating intermediaries and delays. Payments are processed instantly, providing creators with immediate compensation for their work.

4. Decentralization and Transparency

All transactions and licenses on StoryProtocol are recorded on a decentralized, immutable ledger, ensuring transparency and building trust among creators and users.

5. Creator Empowerment

StoryProtocol empowers independent creators by offering them tools to protect and monetize their work directly, without reliance on traditional intermediaries.

● StoryProtocol as the Future of IP Management

The history of IPwe illustrates the challenges of modernizing IP management within rigid, traditional systems. However, StoryProtocol has emerged as a groundbreaking solution that addresses these challenges with innovation and inclusivity.

By expanding the scope of IP management, introducing Programmable IP, and embracing real-time licensing and transparency, StoryProtocol has established itself as a leader in the field. It not only avoids the pitfalls of past projects like IPwe but also paves the way for a more efficient, creator-focused future.

The story of IP is evolving, and StoryProtocol is writing its most exciting chapter yet.

Are you ready to be part of this future?

@jasonjzhao @storysylee @mushy