Access Protocol: The Deep Dive
Whether we embrace it with open arms or approach it with a sense of reluctance, there’s no denying that we find ourselves firmly entrenched in what we can aptly call the ‘subscription era.’ Traditional print publications, have seamlessly transitioned their age-old models into the digital domain. In fact, the subscription model has integrated into nearly every aspect of our lives.
Unfortunately, it’s not all sunshine and roses in this era. The decline of public trust in platforms like YouTube, along with payment service providers like Visa or PayPal, is a clear and concerning issue, largely due to their practices of de-platforming and de-financing.
This phenomenon extends beyond the realm of streaming platforms, which have been consistently siphoning funds from our wallets for years.
- the proliferation of intermediaries in what should be a straightforward transaction — transferring funds from a fan to a content creator — has resulted in unwarranted high fees, which can range anywhere from 10% to 30% 😔.
The crypto industry was born to remove financial borders and create more opportunities for retail users like you and me.
One such protocol is Access Protocol, which aims to remove the considerable barriers to entry and trust issues that have plagued the B2C model.
Gated Content — The B2C model plague
I admit that this forms the cornerstone of many lucrative subscription models, but it also presents significant disadvantages, particularly for content creators. While it offers a reliable revenue stream, there are challenges associated with user reluctance to commit to monthly or yearly payments.
- User Reluctance: One of the primary challenges of gated content is that many users are hesitant to commit to recurring payments. They may not want to pay on a monthly or yearly basis for something, which can significantly limit the potential audience size.
- Content Accessibility: Gated content can inadvertently restrict access to valuable information or entertainment, especially for users who cannot afford or are unwilling to subscribe. This can lead to the dissemination of knowledge or entertainment being limited to a select group.
- Competition: In an era of information abundance, many creators are vying for users’ subscription dollars. This leads to fierce competition, making it more challenging for individual creators to stand out and attract a substantial paying audience.
- Subscription Fatigue: Users who subscribe to multiple services can experience subscription fatigue, feeling overwhelmed by the number of recurring payments they must manage. This can lead to churn and a decline in the number of active subscribers.
“I dislike gated content myself. Actually, most people do. They aren’t willing to leave their email address or details in exchange for some piece of content. I myself would rather search elsewhere and just leave the site with gated content. Most of the people I know in the internet marketing business do the same.” –Lukasz Zelezny
The evolution of supermarkets over time has seen the introduction of self-service and home delivery. Similarly, the field of creator economy should adapt to the changing landscape. Believing that long-term sustainability lies in reverting to individual shopkeepers and increasing prices for consumers is, in essence, a step backward disguised as progress.
The choice of monetization strategy depends on the type of content, the creator’s goals, and the preferences of the target audience. Striking the right balance between accessibility and revenue generation is a key challenge today, especially in crypto.
A challenge solved by Access protocol.
What Is Access Protocol?
Simply put, Access protocol is a monetization layer for creators, products or anyone who seeks to explore a subscription based model for their fans or users. The core of the protocol operates on the Solana blockchain, leveraging the speed and efficiency to redefine the way creators and users interact within the digital content ecosystem.
Access Protocol introduces a monetization model where users stake ACS tokens instead of traditional direct subscriptions. This innovative approach not only benefits users by reducing their financial commitment but also aligns their interests with the platform. Users can earn rewards through ACS tokens while gaining access to premium, paywalled content!
How Does It Work?
In contrast to accessing a publication like Bloomberg and paying a fixed monthly fee, users here acquire ACS tokens and lock them in the pool of their choice. Both the user and the pool owner (creator) then begin to earn protocol rewards, which are divided equally between them in a 50/50 split.
There is a 2% fee when a user locks their ACS into a pool which was put in place to avoid Spam resistance. This ensures users cannot go into a pool to download a creators content and leave immediately, to go do the same with other pools.
🔒Locking ACS Tokens for Access
Access Protocol enables users to lock ACS tokens to a creator pool, granting them access to the creator’s content until they choose to unlock the tokens. This eliminates the need for recurring credit card charges and provides users with a consistent experience across multiple creators, streamlining the payment process.
Each creator receives ACS tokens proportionally to the amount of locked ACS within their pool relative to the total number of locked tokens in the ecosystem. This innovative model ensures that creators can improve monetization and expand content distribution.
🧩Minimum Threshold for Access
Creators have the flexibility to designate a minimum threshold of ACS tokens required for users to gain access to their content. If a token holder locks the minimum threshold at the time of the transaction, they will maintain access to the creator’s gated content as long as the tokens remain locked. Notably, creators can choose to set the minimum threshold for access to zero, allowing broader accessibility to their content.
This is an overview of what the protocol does.
Now, within the protocol exists various outstanding features. Let’s explore them ⏬.
📎Access Publisher:
Publishers can effortlessly integrate Access Protocol monetization onto their websites, without any complicated coding or technical knowledge. The process is simple and straightforward, allowing publishers to focus on creating high-quality content and engaging their audience.
To get started, publishers determine the specific content they want to put behind the Access Paywall. This could be premium articles, exclusive resources, or any other type of content that they believe will provide value to their users. With the Access front-end widget and additional backend code, publishers can seamlessly implement the Access Paywall and ensure that only users who have paid for access can view the selected content.
📎Access Community:
Subscribers can enjoy exclusive benefits, engage in private discussions, and access premium content, all while strengthening their bond with the community. This integration not only empowers creators with a new avenue for monetization but also ensures that their most dedicated supporters receive unique privileges and a sense of belonging within the community.
📎Access NFT:
You can upload your NFTs, pinpoint your user list, and mint your digital collectibles effortlessly. This process not only strengthens your on-chain relationships with users but also helps you identify your most loyal supporters based on verifiable on-chain data. In essence, it’s a direct and transparent way for a creator or publisher to engage with and reward their most dedicated community members.
📎Access Newsletter:
Through Access-enabled on-chain relationships, you can smoothly gather email addresses from your subscribers. This approach not only simplifies the process of building and maintaining a creators distribution list but also nurtures stronger connections with the audience.
The next section we will dive into the access protocols major products ⏬.
📌 GETTING INVOLVED AS A USER OR CREATOR
ACCESS HUB
This is the first look in the HUB. It serves as a management dashboard and as well as a discover page to find creators, publishers and artists.
You also have the ability to customize your profile where you can add a profile picture, a banner and many more.
On the Leaderboard page you can find the list of creators sorted by the largeness of their pool.
The Protocol stats page provides an overview of important numbers you might want to know
Buying ACS tokens is super easy.
Simply click on the Get ACS button, connect your wallet and utilize the Jupiter integration to swap for your desired amount of ACS tokens.
Or use any other platform like coinbase to buy with fiat currency.
If you are following me you would notice there are two other features visible on the HUB.
📍Scribe
📍Sketch
Let’s delve into these additional products that can further enhance your experience and engagement with the platform ⏬.
📍Scribe
With Scribe, you can effortlessly publish, distribute, and monetize your content. Whether you’re a writer or a small team, the setup is seamless, and you can start writing within minutes. Scribe not only allows you to manage your content directly but also provides the flexibility to assign editors. Say goodbye to traditional subscriptions and welcome Access monetization to strengthen your relationship with your audience on-chain.
ONBOARDING
Step 1: Click the connect button.
Step 2: Click the connect button prompt.
Step 3&4: Sign transaction in your wallet to connect.
You will immediately get a field to fill out your desired username and that’s it! Users can lock in their ACS tokens to their preferred publication or writer.
For creators Scribe offers Web3 integrations and compatibility, ensuring you get the most from your network. You can link your profiles, distribute content on Web3 social platforms, and more. Plus, you gain exposure to a vast ecosystem of subscribers, similar to larger publications, opening up the opportunity to expand your readership among over 115,000 unique subscribers across the ecosystem.
Website: https://scribe.accessprotocol.co/
📍Sketch
Sketch is a remarkable feature that serves as a dual-purpose tool for NFT enthusiasts and creators. It introduces a powerful NFT discovery and compression capability, allowing creators to harness cutting-edge compression technology. Within Sketch, creators have the unique ability to mint compressed NFTs, aptly named cNFTs, and offer them as rewards to their users.
The Onboarding process is the same or probably easier.
The cNFTs are seamlessly accessible on users’ Sketch profiles, ensuring a convenient viewing experience.
It’s important to note that images must be uploaded or minted on Sketch before they can be displayed.
Website: https://sketch.accessprotocol.co/
TOKENOMICS
In this section, we will delve into the various aspects of ACS token economics, including token distribution, total ACS supply growth, and the role of community governance. Let’s explore how the Access Protocol team plans to incentivize creators, reward users, and foster community-driven decision-making.
Token Distribution Categories
The distribution of ACS tokens is divided into six distinct categories, each serving a specific function within the Access Protocol ecosystem. These categories are as follows:
- Launch Distribution 🚀: At the time of launch, a total of 2 billion ACS tokens will be distributed to the community through various airdrops. This ensures broad participation and engagement from the start.
- Creator Incentives 💰: A significant portion of the token supply, 58%, is allocated to incentivize creators and foster ecosystem growth. This allocation aims to attract talented content creators and provide them with a stake in the success of the platform.
- Community Initiatives 💡: 15% of the token supply is allocated to fund community-driven initiatives. The use of these funds will be determined through community governance, allowing the community to have a say in how these resources are allocated.
- Vested Incentives 🔏: Creator and publication incentives are subject to multi-year vesting periods, with 18-month cliffs. This structure ensures long-term commitment from creators and aligns their interests with the growth of the platform.
- Unvested Tokens 🔓: Unvested investor and creator tokens cannot be staked. This measure prevents immediate dumping of tokens and encourages long-term engagement and commitment from stakeholders.
- User Rewards 🤑: 50% of the newly minted ACS tokens go to content creators, while the other 50% is distributed to users. This balanced approach incentivizes both creators and users to actively participate in the ecosystem.
Total ACS Supply Growth
The ACS token supply will experience a gradual increase over time, with an initial annual inflation rate of 5% of the total supply. However, this inflation rate is expected to decrease slightly as the ecosystem matures. To counteract inflation and maintain a healthy token economy, a 2% staking fee is implemented. This fee is collected by the protocol and burned on a quarterly basis, reducing the overall token supply and ensuring a deflationary mechanism.
By the end of the fifth year, it is estimated that approximately 142 billion ACS tokens will be in circulation. It is important to note that this estimate does not include the 2% staking burn mechanism, which further counteracts inflation and reduces the overall token supply.
Community Governance and Decision-Making
Access Protocol is committed to fostering a strong and engaged community by implementing community governance mechanisms. These mechanisms aim to decentralize decision-making processes and give power to the community to influence the direction of the protocol.
the ICING on the CAKE
In my view, gated content has its limitations, with many users, myself included, hesitating to part with personal information or subscribe to yet another service.
Creating a win-win model is no small feat which just goes to exemplify the spirit of the crypto industry, breaking down barriers and fostering equitable relationships in the digital content ecosystem.
With Access Protocol, the future of content monetization is not just promising; I believe it’s already here.
It has left a profound impression on me as It is a robust and user-centric platform for content monetization on the Solana blockchain.
The versatile features provide creators with exceptional control, flexibility, and access to advanced analytics and risk management tools.
I would wholeheartedly recommend Access Protocol to anyone looking to redefine their approach to content monetization
Super thanks to SuperteamDAO and Access Protocol for making this possible. I had fun filling up my basket with paper notes of writings that never made it to this article.
WIDGET
Website: https://www.accessprotocol.co/
Access HUB: https://hub.accessprotocol.co/creators
Access Whitepaper: https://www.accessprotocol.co/Whitepaper_Access.pdf
Twitter: https://twitter.com/AccessProtocol
Discord: https://t.co/m5az5ip4vs
