What Is Unlock Protocol (UDT)?

Unlock (UDT) is a protocol that allows memberships via (https://www.coinbase.com/learn/crypto-basics/what-are-nfts#:~:text=NFTs%20(or%20%E2%80%9Cnon%2Dfungible,worth%20exactly%20the%20same%20amount.&text=Each%20Beeple%20piece%20is%20paired,version%20is%20the%20real%20one.). The protocol is designed in such a way that it allows communities and creators to monetize their work, on their conditions, without depending on any third-party applications. As per the platform's claims, the web is shifting from seeking attention towards seeking memberships now. The platform seeks to provide a helpful way to decrease friction, improve conversion rate, and lower costs while aligning interests between consumers and creators. Unlock(UDT) allows the creation of NFTs with superpowers: perks, utility, access, and benefits on the web. The process authorizes memberships wholly possessed by the creators and communities instead of corporate platforms.

For promoting a welcoming and open environment, the Unlock Protocol platform being the maintainers and contributors aims to make participation in the project and the community an experience free of harassment for everyone, regardless of body size, age, disability, ethnicity, gender identity, and expression, sex characteristics, socio-economic status, level of experience, education, nationality, race, religion, personal appearance, or orientation and sexual identity.

The UDT (Unlock Discount Token.)) is the token for incentivizing the actors keen to evolve and utilize the Unlock protocol and its network. Unlock Discount Tokens are rewarded upon key trades to an address specified in the key investment call. UDT is utilized for different objectives, such as governance (vote on protocol advancements) or for claiming discounts when acquiring keys. The UDT tokens are never burnt, and although there are more additional tokens printed as the network increases in percent (%), the supply will increase lesser and lesser as the network arrives at a large size.

History of Unlock Protocol (UDT)

Unlock protocol was founded in 2018 by Julien Genestoux. Julien is an engineer and entrepreneur who has worked with Medium.com and Gimlet media before founding Unlock Inc.

In December 2021, the Unlock Protocol platform introduced a set of smart contracts that allowed developers to deploy the locks and allowed customers to unlock such locks. The platform also launched an unlock-js library that creators can utilize for interacting with the contracts.