Unlock Protocol

Unlock is a protocol designed to empower developers, creators, and platforms in creating memberships. The project’s primary objective is to simplify the execution and add another way to transition "users" to "members", ultimately creating a healthier monetization environment for the web and battling the curse for online creators that is censorship.

Unlock comprises several interconnected parts of the project, including:

• Unlock Labs: The core team responsible for creating and maintaining the Unlock Protocol.
• Unlock Protocol: A collection of upgradable smart contracts that generate memberships in the form of NFTs.
• The Unlock Ecosystem: A community consisting of creators, distributors, and consumers who collectively own Unlock Protocol through their contributions using the protocol.
• Unlock DAO: A decentralized organization comprising token holders who govern and control Unlock Protocol.
• Unlock Tools: Front-end applications developed by Unlock Labs to facilitate convenient usage of Unlock Protocol and drive sustainable innovation.

It's important to note that Unlock Protocol is owned by the Unlock Ecosystem and governed by the Unlock DAO.

Key use cases in the real world for Unlock Protocol include – event tickets, media memberships, DOA memberships. certificates and credentials & digital collectibles.

Another interesting and important thing to take into consideration is how the project plans to generates revenue. It does this is through two different channels:

1. Convenience fees – where Unlock Labs develops convenience layer applications that collect fees to sustain the applications and create network effects. They plan to charge users without a cryptographic wallet a 10% convenience fee for on-chain credit card transactions.
2. Unlock Discount Token (UDT)'s value accrual.

Overall I think the idea of what the project is trying to accomplish is very unique to the industry right now and spot on as they are trying to address a big problem in today's current world. The biggest problem the project will face is trying to get enough traction to the platform and in order to do this they will need to take users away from dominant other mainstream platforms such as likes of Twitter, Youtube and Ticketmaster which will be a tough ask. Show Less