[What is story foundation](https://Story foundation)
Story Foundation $IP" refers to the native cryptocurrency token of the Story blockchain, a Layer 1 blockchain specifically designed for managing and tokenizing intellectual property (IP) like artwork, music, or software, where users can register their IP as digital assets on the network and manage their licensing and royalty rights transparently; essentially, “$IP” acts as the currency used to interact with the Story platform for transactions, staking, and governance purposes.
Key points about Story Foundation $IP:
- Function:
Used as the primary token for network operations on the Story blockchain, including paying transaction fees (gas) and participating in governance decisions.
- Staking:
Users can stake $IP to secure the network and potentially earn rewards by validating transactions.
- IP Management:
By tokenizing IP on the Story blockchain, creators can easily manage licensing, attribution, and royalty payments through smart contracts.
- Proof-of-Creativity:
Story uses a “Proof-of-Creativity” consensus mechanism which is designed to incentivize genuine intellectual property creation.
