SHARE (Web3/NFT) overview

What is this?

The Share Protocol (SHARE) is a protocol created by the team at FORMLESS, INC., a Boston, Massachusetts, headquartered music technology company with the mission of creating virtual and physical experiences that enable people to live more fulfilling lives.

SHARE enables creators to choose the price per stream of their audio or video content, distribute the content directly to consumers, make it accessible on any web application, and receive payments instantly when their content is streamed. SHARE has a wide variety of applications, including music, video, and podcasts.

Symphonic has partnered with SHARE to give you the ability to expand the reach of your content in the world of Web3.

Ready to begin? Click here!

Who is this for?

SHARE is for content creators who create premium digital media experiences and want to distribute the content directly to consumers under terms and at a price they choose and receive payments instantly when their content is streamed.

How do I use this?

To use SHARE, you can log on via the SymphonicMS or click here.

To use SHARE, you need a Web3 wallet that connects to the Ethereum and/or Polygon blockchains. Compatible wallets include Coinbase Wallet, MetaMask, and Rainbow Wallet. To limit your transaction costs, it's recommended that you use the Polygon network to transact. Polygon is a sidechain of Ethereum and is built for low-cost, high-throughput transactions. Gas costs on Ethereum may be prohibitive.

Once you're connected, you can do a few things: create content by uploading digital media and specifying your pay-for-access terms or stream (view or listen to) content.

Create content. You can upload a digital file like a .mp3 audio file or .mp4 video file and choose the terms under which you are willing to grant access to the content. For example, you can set the price for each content stream and for how long it's available. When you specify these terms, SHARE creates a smart contract for the content and generates a link to the location of the content. You, or anyone else with the link, can share it. Each time another user pays for access to the content, you and other owners of the content receive a payment to your wallet.

Access digital content. When you access digital content via a link or discover content on the Formless dApp, you can choose if you want to pay to access the content. The price of access is displayed alongside a title and description of the content. Depending on the type of digital content, you may be paying to listen to audio or view video. When you choose to pay for access, you sign off on a transaction in your Web3 wallet, and then you are granted access to listen to or view the digital content under the terms of access that the creator chose. If you choose to pay for content using Apple Pay or Google Pay, your transaction will take place instantaneously and is subject to the content's access terms specified by the creator.

What is a virtual wallet?

MetaMask, for example, is a virtual wallet. Launched by Aaron Davis in 2016 and headquartered in San Francisco, MetaMask is a decentralized, non-custodial Ethereum-based wallet that allows users to store, buy, send, convert, and swap crypto tokens. There are other wallets that you can use with SHARE.

What is an NFT?

Non-fungible tokens (NFTs) are unique digital assets that have blockchain-managed ownership. Examples include art, music, and videos. They are bought and sold online, frequently with cryptocurrency.

A Pay-For-Access (PFA) NFT is an NFT created with SHARE. PFA NFTs have unique properties that enable the content only to be accessed (viewed or listened to) once a payment is sent to the contract by the consumer and successfully received by the owner.

Other than the unique access properties of PFA NFTs, they behave exactly like any other NFT, appear on platforms and marketplaces like OpenSea, and adhere to the ERC-721 standard.

To mint an NFT, a creator pays a one-time creation fee plus the gas fees associated with processing the mint transaction. The one-time creation fee is 10%, and gas fees vary depending on the network.

How do I get paid?

You will get paid instantly after a transaction occurs. You will not have to wait for our monthly royalty reports. Create your product, get it out to the masses, and earn!

What would my fans pay?

The price of accessing content varies and is solely chosen by the owner. To access the content, you pay the cost of accessing the content plus any gas fees to process the transaction. The price of accessing content is displayed below or next to the content preview in the Formless dApp. When you select to pay for access to view or listen to the content, a request is sent to your Web3 wallet. Your wallet application will display the total transaction amount, including the gas fees for processing the transaction. Gas fees are blockchain-dependent, and you can expect that the gas fees on a network such as Polygon will be significantly lower than fees on Ethereum. When you accept (sign) the transaction in your wallet, your payment, plus gas fees, are deducted.

The technical stuff….. how does this work?

SHARE consists of a group of smart contracts that interact to facilitate peer-to-peer transactions on blockchain, where users can buy access to digital content in exchange for cryptocurrency.

With SHARE, anyone who wants to sell access to digital audio or video can create a customized smart contract that uses the Protocol. This creation process is called deployment, and the result is a digital item, which is an extension of the Non-fungible token (NFT) standard. It consists of information that specifies its owners and its terms of access. This information is recorded on the blockchain, and the NFT can be displayed in any application or marketplace that reads the blockchain for NFTs. The NFTs can be bought, sold, and transferred.

Common NFTs are limited to buying, selling, and exchanging ownership of NFTs. However, SHARE provides a new way to transact with NFTs by introducing Pay-For-Access (PFA) smart contracts. These unique contracts, which implement the IPFA interface, are G-NFTs allow the creator of the item to choose the terms of access to the content. For example, they can set the price for streaming the content and for how long it's available.

The SHARE white paper provides a detailed overview of the program.

Is this safe?

SHARE's smart contracts are fully audited by a third-party auditor, Solidity Finance. The audit is a comprehensive review process designed to discover logical errors, security vulnerabilities, and optimization opportunities. It also verifies economic logic to ensure the stability of smart contracts and highlights privileged functionality. SHARE smart contracts have a 100% pass rate. SHARE has been audited and verified by Solidity Finance. Click here to read the Smart Contract Audit Report. SHARE does not collect any personal identifying information. The only information we store is your public wallet address. However, all transactions are publicly visible on the blockchain.

 

Feel free to check out their help desk for additional information. 

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