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MAR 18, 2024

TL:DR; All you should know about Access protocol v2 in a glance

by Hh7A..KUG8, Jennifer Greg

An explanatory breakdown of access protocol v to that cousin or friend you want to onboard into the ecosystem, or if you need a shorter concise version of it then this is for you!
All you should know about Access Protocol v2.
The new features introduced are:
  • Transferable subscriptions (using cNFTs)
  • Super subscriptions (Forever subscriptions)
  • Referral system
Transferable subscriptions: The whole idea behind this particular feature is to expand the user base of access protocol beyond the pre-existing web3 community and ensure ease during the onboarding process into the access ecosystem.
This is made possible by the introduction of cNFTs, they are a standard of NFTs on Solana that improves scalability and is cost-efficient in storing data on-chain. 
HOW DOES THIS WORK?
Alice is a regular user of web3 Dapps hence she would need little to no orientation to become familiar with the access protocol platform. She knows exactly how to purchase $ACS token and which creator to subscribe to base on her content consumption, but Alice has a grandmother who consumes much more than Alice does and she has absolutely no idea of what DeFi is about or how to go about it.
Alice introduces her grandma to Access protocol so that she has the choice to support her favorite creators and also earn while at it, the problem is her grandma has no idea how to go about purchasing $ACS, so Alice buys $ACS, subscribes to her grandma preferred pool and sends it to her as an NFT (cNFT). So, grandma has the NFT and thereby gets all the rewards associated with that, if she decides to transfer her subscription to a different creator, she is able. 
So basically, cNFTs are similar to LP tokens but are more liquid.
Super Subscription: This feature reminds me of a common lingua in my area, "pick your poison and die with it" well not quite literally. With the super subscription or the forever subscription, you simply pick a creator whose content you enjoy and "Super subscribe" to their pool, this is permanently locking $ACS token in a creator's pool, by doing so you burn the token out of circulation.
What does this mean for the ecosystem and for the product users?
It introduces a burning mechanism that makes $ACS token deflationary, while the super subscribers get priority attention when a creator is giving out bonus or in the case of any special event.
Referral Rewards: A referral system that grants users a percentage of earnings as a result of referring new subscribers to the ecosystem. You could also be recognized by the creator for referring new subscribers to their pool. 
Decentralization of Access Protocol: Changes in this sector would be implemented over time and they include:
  • Permissionless creator pools where anyone can decide to become a creator and create their own pool.
  • Minting of $ACS token only through subscription fees or content rewards.
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