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The Unlock Protocol was built to empower those seeking to leverage digital assets in their business models. The platform is best known for its advanced smart contracts and easy integration. Since its launch, the network has continually expanded its services and features. Here's a look back at Unlock Protocols latest milestones and upgrades.
Alpha Tweet Testing Phase Has Begun
The Unlock Protocol made a major announcement recently regarding the start of its AlphaTweet testing program. AlphaTweet leverages the Unlock Portal to monitor social media interactions by creating more incentivization methods for all participants.
The goal of the new system is to empower content creators and followers to do their part to grow the ecosystem via sharing information and experiences. The structure is specifically built to support web3 functionalities.
AlphaTweet could be a game-changer in the market for many reasons. For one, it supports interoperability on a new level. While most developers are seeking to compete in the market, Unlock Protocol has found a way to add value to all social networks.
In the system, creators earn rewards for doing what they love. Each creation is minted as Alpha content. On the other end, followers secure rewards for sharing content they admire with the community. This structure helps to drive returns while also pushing the most valuable content to the top of streams.
The developers intend to run a series of experiments to test the security and scalability of the project in the coming weeks. Currently, the testing is only on Twitter. However, it will expand to include other networks.
Don’t Lose Out – Unlock Protocol
Unlike many competitors, Unlock's niche is that it will operate across multiple networks which makes it more practical for users. Today, social media platforms rise and fall in a matter of years. AlphaTweet could one day provide a way for users to retain their social clout even when the past networks fade away.
Smart Contract Capabilities Upgrade
The Unlock Protocol introduced some major upgrades to their smart contract functionalities recently. These vital upgrades give users a better UX with an upgraded interface. The new interface streamlines the creation and issuance of smart contracts using the PublicLock Protocol.
Smart contract users now enjoy more flexibility on top of the features that make the Unlock portal unique. Unlock Portal users can create smart contracts that include pricing updates, preset time limits, and membership requirements.
PublicLock V3 fixes a few bugs that surrounded the old membership key cancellation system. It also introduces a host of new smart contract templates which makes it easier for anyone to use the system. These systems include membership management functionalities and tracking.
Another major change that the community is excited about is added gas optimization which reduces fees on most network functions. The upgraded options give more control to the contract creator as well. Businesses can include additional means to generate revenue such as protocol fees.
Notably, the upgrades are part of a larger plan which will enable the project to unify its governance systems across multiple chains. The community recently gained a better voting experience thanks to an update to the governance system from Open Zeppelin 4.4.2 to 4.9.0.
The latest iteration of the community voting mechanism adds more functionality for users. One of the biggest upgrades is support for the ERC-721 token standard. This maneuver provides more interoperability within the Ethereum ecosystem which is the largest DeFi community at this time.
Users can now cancel proposals which will help to relieve confusion and free up bandwidth. Along the same line of thought, old proposals are no longer taking up space in the Tally UI. Another plus is the introduction of a new timestamp protocol across all chains and a time-based quorum. Best of all, users don’t have to do anything to enjoy these upgrades as the delegation and voting processes have remained untouched.
Stripe Onramp Integration
One of the biggest names in payment processing, Stripe, recently announced a new crypto onramp interface for blockchain networks that will be integrated into the Unlock Protocols platform. The system enables networks to streamline onboarding by adding support for direct fiat and credit card conversion to blockchain assets.
In the past, one of the biggest drawbacks to adoption has been the need to hold utility tokens to operate on DeFI networks. This requirement often meant that users needed to leverage a CEX (centralized exchanges) to convert their fiat into crypto. The latest integration eliminates these technical barriers and lowers the cost of joining the network by eliminating the additional steps.
Unlock Protocol – Vetting
To accomplish the task, the system adds support for KYC vetting and more. Once vetted, users can access Stripe’s Global Payments and Treasury Network (GPTN) to purchase access to Unlock smart contracts. The system is currently in use by NFT creators to accept payments for their work and create locks and membership requirements.
The protocol leverages a multiple-signature approach to improve security and prevent misuse of funds. The signatures first approve the transactions and then the amount. Once approved, stripe provides USDC to the NFT holder to purchase the token. Currently, the system is only set up to support tokens on the Ethereum and Polygon blockchains.
In the coming weeks, the team hopes to unlock the ability to convert any currency. This maneuver would open the door for greater adoption. Aso, the team seeks to add support for the swap and purchase features. Already, Stripe has partnered with a couple of NFT marketplaces including Nifty Gateway as part of their pivot towards the sector.
Unlock Protocol Drives Forward
The continual upgrades made to the Unlock Protocol and its growing community of users are enough reasons to keep an eye on the project. The team's decision to pivot towards web3 support such as NFTs is a wise move that puts the network in an excellent market position moving forward. For now, the Unlock Protocol remains an active project that has a lot of potential. You can learn more about the Unlock Protocol here.