In this episode, Andreas, the founder and CEO of Access Protocol, shares the background, technical details, and future plans of the project. Access Protocol offers a new way for content creators and service providers to monetize through a staking mechanism. Andreas explains in detail how the protocol leverages the latest technology from Solana to enhance user experience and discusses future market strategies and development directions.

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Andreas’ Introduction and Explanation of Access Protocol

Yeah, so I’m Andreas. I’ve been in crypto since 2017. My first full-time role was at a company called The Block, where I was the first hire focused on revenue and operations.

In early 2021, my colleague and I started working on an idea, which eventually became Access Protocol. I quit my job to move full-time into building out Access Protocol. Access Protocol is a general-purpose protocol designed to enable monetization for creators and service providers through staking.

The way it works is simple: if someone has a product or service they want to offer to consumers, they create a content pool. Users then stake our native ACS token in that pool, and in return, they receive whatever product or service that creator is offering. This could range from data services to newsletters, NFTs, and more.

Additionally, both the creator and the user receive a split of the protocol inflation reward, aligning incentives between consumers and the creators they support. This creates a dynamic where users are incentivized to consume and engage with products and services online, while also gaining the ability to consume even more as time goes on.

Impact of Solana’s Latest Technologies, Blinks and Actions

I think the impact of Actions and Blinks on Solana cannot be understated; they represent a significant improvement over what’s already available. Every existing application on Solana has seen substantial enhancement with the introduction of Actions and Blinks.

First, it’s important to clarify what Actions and Blinks are. Actions are simple APIs that deliver signable transactions — these could range from a governance vote (yes or no) to purchasing an NFT or subscribing to a service. Essentially, they are very straightforward, one-dimensional transactions.

Blinks, on the other hand, are clients that read these Actions and construct them into interfaces that allow users to engage with specific transactions. You can’t have Blinks without Actions, so Actions are fundamental in simplifying the transaction experience. They lower the barrier to entry for engagement across the Solana ecosystem, while Blinks expand the ways in which users can interact with these transactions, making them accessible to a much broader audience.

Though they’ve only been around for about three weeks, these technologies are already making a huge impact by lowering the barriers to entry and meeting existing users where they are, in terms of how they consume information.

How Blinks and Actions Simplify the User Experience

Blinks and Actions provide a great way to directly engage with consumers, driving commerce and interaction where they spend a significant portion of their time. Currently, this might be on platforms like X, but in the future, it will undoubtedly extend to other websites and applications.

You mentioned that Blinks allow users to perform Actions like swapping assets or voting with just a single click through a browser login — it’s as simple as that. Many people see the clear advantage of this approach, particularly in attracting Web2 traffic. However, there is a potential downside, which is the trust friction between Web2 and Web3. This issue revolves around compatibility and integration.

At present, Actions and Blinks do not deliver value to Web2 users because to engage with them, one needs a Phantom wallet, Backpack, or SOL Flare. What Actions and Blinks have done so far is significantly improve and simplify the transaction and engagement experience for existing Web3 users. To deliver the best possible experience to new users, we need to simplify what existing users are already doing on-chain.

This has been a massive improvement for anyone already trading crypto, buying NFTs, or engaging in crypto commerce. The next challenge is to create value for Web2 users, and we’ll see a lot more developments in the coming weeks and months as companies work to create experiences that allow Web2 users to engage in this simplified manner.

To reiterate, Blinks and Actions have greatly enhanced the experience for existing users. However, they have yet to significantly impact new users. To reach new users, we need to simplify the on-chain interaction process even further.

How Does Access Expand Its User Base, Especially Web2 Users?

Attracting Web2 users to the Web3 space involves several challenges. One of the primary challenges is delivering an experience that surpasses what consumers are already accustomed to in Web2. Consumers aren’t likely to use crypto-based platforms unless they offer a faster, cheaper, and more convenient option that truly motivates them to engage.

The key lies in providing experiences or benefits that Web2 platforms cannot offer. For example, on the Access side, we’ve taken the traditional subscription model and flipped it on its head. Instead of spending money on a subscription, users can stake their funds, earn rewards, and still retain ownership of their money. If they choose to cancel, they can withdraw their funds and use them elsewhere. This unique approach offers a value proposition that is distinct from what’s available in Web2.

It’s crucial for every company targeting Web2 users to clearly identify their value proposition relative to the existing Web2 experience. For example, stablecoins offer a significantly better experience than traditional Web2 financial systems. They settle nearly instantly, operate 24/7, and are trustless, providing a more efficient and reliable alternative to the banking system. This is a prime example of how a Web3 solution can deliver a superior value proposition to Web2 users.

In addition to providing better value, effective marketing strategies are also essential in reaching out to Web2 users. It’s not just about explaining what crypto is; it’s about showcasing how these Web3 solutions can enhance their existing online experiences.

The second part of expanding our user base is demonstrating and communicating the value of our platform to users in a way that they can easily understand without needing to spend much time researching or thinking about it. The goal is to engage and onboard Web2 users effectively, and eventually, Blinks and Actions will provide an experience that gives users an “aha” moment, where they realize how simple and efficient the process is, especially in terms of commerce.

For example, when using Blinks, a user can engage with WuBlockchain by spending Solana to get an Access subscription. The process is straightforward: Blinks unfurl the Solana or Actions link on Twitter, the user sees the option to buy it for a small amount (e.g., 0.01 SOL), makes the transaction, and with a single click, they receive the subscription. On-chain, this means the user receives an NFT with ACS staked within it, which is transferred to their wallet. They can then engage with the subscription and claim associated rewards.

We’ve made significant efforts to simplify the engagement process, abstracting away the complexity of needing ACS tokens. Instead, we’ve moved towards using Solana, the asset required for transactions on the Solana network, to streamline the process. This approach not only makes it easier for existing users but also lowers the barrier for new users, including those from the Web2 space, to engage with the Access Protocol.

What Could Be the Final Form of Blinks?

The ultimate form of Blinks is an intriguing concept, especially given the discussions around its current limitations and potential. Some people argue that Blinks are somewhat parasitic on other platforms, relying heavily on existing infrastructures rather than creating something entirely new. However, the future potential of Blinks lies in its ability to simplify the way we transact, particularly for more basic transactions like buying NFTs or memecoins.

The vision for Blinks is not just about integrating with platforms like X (formerly Twitter) but expanding to a broader range of websites and applications. The true potential comes when websites and companies realize the massive opportunity to drive commerce directly on their sites without the need for third-party intermediaries. For instance, imagine a site like CoinGecko, which already attracts millions of monthly users, integrating Blinks and Actions directly on its price pages. This could enable users to transact seamlessly on the site, with the added benefit of no credit card fees and the potential for websites to earn revenue through small transaction fees.

The bigger picture involves platforms beyond CoinGecko. Sites like X, Reddit, and others could natively integrate Blinks, allowing them to drive commerce without the friction of third-party browser wallets. The idea of eliminating middlemen and associated fees makes this a highly attractive opportunity in the long run.

At Access, we’re actively working on creating custom-built Actions and Blinks flows for our integration partners, including major media sites like The Block, CryptoSlate, Blockmedia in Korea, and BlockTempo in Taiwan. These simplified transaction flows enable these partners to drive commerce directly on their sites, denominated in Solana. Over time, I believe more websites and companies will adopt these tools because they represent the most simplified and fastest way to engage users directly on their platforms.

Practical Use Cases for Blinks

Blinks offers a wide range of practical use cases, particularly in how creators and platforms can engage their audiences more effectively and drive commerce. Here are a few key examples:

1. Direct Engagement for Independent Creators: Independent creators can use Blinks to engage directly with their audience on platforms like Twitter. For example, a creator can share a subscription link, allowing their audience to purchase content or services without leaving the platform. This streamlined process is particularly beneficial for creators who promote their work regularly to an audience that is likely already familiar with crypto.

2. Simplified Commerce on Partner Sites: For larger partners, Blinks can be integrated directly into their websites, enabling one-click checkout for various transactions. This integration significantly improves the user experience by simplifying the transaction process and increasing the likelihood of conversions. For instance, users can easily purchase subscriptions or other digital products without navigating away from the site, which is often a barrier in traditional e-commerce funnels.

3. Unique and Niche Product Sales: An interesting case is a whiskey company on Solana, which used Blinks to sell a $200 bottle of Lehman Brothers-themed whiskey. By sharing the purchase link directly on Twitter, they garnered over half a million impressions, driving significant sales. This example illustrates how Blinks can empower creators and companies to sell unique or niche products directly to their audience in a way that feels immediate and engaging.

4. Arts and NFTs: For artists and NFT creators, Blinks provide a quick and simple way to promote and sell their work. The ability to share a link and have users purchase an NFT with just one click reduces the chances of missing out on sales opportunities due to delays or distractions. This immediacy is crucial in the fast-paced world of NFTs, where items can sell out quickly.

Blinks not only simplify transactions but also open up new revenue streams for creators by making it easier for their audience to engage with and purchase their offerings. This increased accessibility and convenience are key factors in driving the adoption of Blinks across different platforms and use cases.

Latest Developments and Future Plans for Access Protocol

One of our major initiatives is expanding our reach, particularly in the APAC region, by localizing our platform to engage more creators and consumers. This includes making it easier for people in these regions to subscribe, create, and monetize content directly on Access Protocol.

We are also remodeling our content hub to function more like a blend of Apple News and Shopify. This means users can manage subscriptions, claim rewards, and discover a wide variety of content across our 180 creators more seamlessly. A significant part of this revamp includes enabling creators to mint NFTs and distribute them to all of their subscribers, regardless of whether they are writers or artists. This is a fun and engaging way to interact with users directly on-chain.

Our focus is on broadening our impact, particularly in the APAC region, by offering a platform that supports multiple languages and provides users with the ability to stake and claim rewards across all our creators. We aim to create an experience where anyone can subscribe while maintaining ownership and control over their purchasing power.

Currently, we have over 270,000 subscribers on the platform, and we’ve facilitated around $4 million in staked subscriptions. Our goal is to continue growing, aiming to reach the milestone of one million users, while also reinventing how people engage with creators in a way that aligns consumer interests with those of the creators.

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