NOV 9, 2023
Introducing Access Protocol V2 Upgrade
by Andreas Nicolos, Access Protocol
Feauring Transferable subscriptions, 'Forever Subscriptions', Subscription Referral System, and Protocol Decentraliza
Introducing Access Protocol v2 and a roadmap to full decentralization
We are proud to announce the details behind v2 of Access Protocol.
This update will include new features based on the learnings of the first nine months of having the protocol up and running, as well as completing the full decentralization roadmap.
The end goal for this update is for the protocol to be robust enough to support all interesting monetization use cases for creators (and their audiences), and ossify protocol parameters so they can’t be changed.
At the end of this process, Access Labs Inc. will be in the same position as any other builder who wants to join the protocol.
New Protocol Features
We’ve listened to our community of creators and end-users and come up with new features to take Access Protocol to the next level.
The new features being implemented were designed to reduce user onboarding friction and increase subscription virality. These will be the features that bring Access to the 1 million subscriber mark (roughly 4x where we are today).
The main features we are adding are
- transferable subscriptions (NFTs wrapped in ACS)
- ‘Forever Subscriptions’
- a protocol-native referral system
Transferable subscriptions are cNFTs that represent a user-determined amount of ACS subscribed to a creator’s pool. This means any user or creator can lock ACS into a pool and send it to other addresses. Recipients of these subscriptions will be able to unlock content and support creators without taking the action of locking ACS. This is a critical component when looking at onboarding new users to the ecosystem, especially those coming in through fiat payments.
Transferable subscriptions enable easier trading and distribution of subscriptions.
Some specific use cases transferable subscriptions enable include:
- Creator driven user acquisition
- User driven subscription sharing (referrals)
- In-person event user engagement
- Secondary subscription sales on marketplaces
These new use cases will drastically increase the velocity of subscriptions across the protocol.
A simple example: a publication can pre-load subscriptions to their platform and sell them via USDC to their subscribers.
An illustration of the flow of transferable subscriptions can be seen below:
Holders of the subscription NFT will receive the rewards associated with the subscription. NFT subscriptions can be redeemed in full for ACS and used for other subscriptions.
Why transferable subscriptions?
- Massive reduction in user onboarding, especially with fiat on-ramps
- Higher velocity of subscriptions - sharing, listing on marketplaces, customer acquisition, etc.
- Retains all benefits of ACS subscriptions
Forever subscriptions (super subscriptions)
Further your support for a creator by permanently locking your subscription in their pool. This will unlock a new class of a creator’s most loyal subscribers. “Super Subscribers” who support this way will be identifiable on-chain and displayed on leaderboards.
Creators can prioritize ‘forever subscribers’ for bonus features, services, and collectibles.
ACS locked in forever subscriptions are burned, removing them from circulation entirely.
With the introduction of forever subscriptions, Access Protocol now has two burn mechanisms designed to counter inflation.
A referral system has been built to incentivize the sharing of content amongst users. This system allows users to receive a percentage of future ACS rewards from the subscribers they refer to the ecosystem. This will reward users that help the protocol grow and create increased alignment between the success of the protocol and its users (both creators and subscribers).
Creators will be able to see who the best referrers are of their content and reward them accordingly.
Combining this referral system with transferable subscriptions reduces 100% of the friction associated with converting prospective users to susbcribers.
Launching these features
We’ll be introducing new initiatives to maximize early utilization of these new features. These initiatives will include:
- Subscription Referral Competitions
- Forever subscription rebates
- Transferable subscription trading competitions
It’s important that at the launch of a protocol, changes can be made to make sure everything is working as intended and is safe for users. In v2 of Access Protocol, this control will be relinquished (over time), allowing only the community of Access Protocol users to change parameters or make any updates.
As step one, creator pools are now permissionless and anyone can become a creator on the platform – removing the previous allowlisting process. Note that frontends (such as the Access Hub) may choose to show only a portion of all creators.
Secondly, all parameters that can be closed off such as the ability to mint new ACS and closing existing pools are now disabled. The only way to mint more ACS is via subscription/content rewards. The same governance applies to the protocol fee (today at 2%) and how that fee is distributed and/or burned.
Third, the remaining parameters that can’t be fully automated are handed off to the community. This means ACS holders (locked in active subscriptions) can vote on key protocol parameters such as the inflation rate and reward split between creators and their subscribers. This will be done in a 2-step process that ensures that no malicious changes to the protocol are made.
Additionally, there are some smaller changes to the protocol in v2 such as more efficient memory usage, etc. The authority to upgrade contracts will remain in a multi-sign account controlled by key community members. The aim is for this multi-sig to relinquish control in 6-12 months as the new upgrades have been tested and the need for any such party is not deemed necessary.
V2 Launch Timeline
Contracts for v2 are entering the audit process. We’ve engaged Halborn as the third party auditor of these contracts. We anticipate the launch of v2 to arrive in the end of December / early January.
For any questions please reach out to us through the official channels provided below: