Web3 social network Lens Protocol has been launched by Aave’s decentralised finance (defi) lending platform. Lens is a “Web3, smart contracts-based social graph” created on the Polygon blockchain, according to the developers behind it..
By abandoning the Lens Protocol, the platform hopes to “empower creators to own the links between themselves and their community,” as stated by Defini Project Aave in its announcement.
Many bitcoin supporters’ Holy Grail has long been a decentralised social media platform. Social media sites can use crypto assets for micropayments, but blockchain can also be used to create a censorship-resistant version of social media ownership that is decentralised. Defi loan project Aave announced the introduction of Lens Protocol on February 8th, a Web3 social media platform that utilises the proof-of-stake (PoS) Polygon network.
— Aave (@AaveAave) February 7, 2022
“The Web3 Lens Protocol” is “intended to empower creators to own the relationships between themselves and their community, creating a completely composable, user-owned social graph,” Aave explains in a recently published blog post. Modularity and immutability of user-owned material and social ties are incorporated into the protocol “from the ground up,” according to the protocol’s developers.
Aave’s Lens Protocol introductory post adds:
“Since users own their data, they can bring it to any application built on top of Lens Protocol. As the true owners of their content, creators no longer need to worry about losing their content, audience, and livelihood based on the whims of an individual platform’s algorithms and policies. Additionally, each application using the Lens Protocol benefits the whole ecosystem, turning the zero-sum game into a collaborative one.”
Use of IPFS and Social Media for Verification in Lens Protocol for Feature Profile NFTs
Blockchain technology and micro-payments have been incorporated into social media multiple times in the previous few years. Many sites, such as Memo.cash, Hive, Steemit, Mediachain, Fluz Fluz, Peepeth, Minds, Society2, and Civil, are still in existence. Non-fungible token (NFT) technology will be used in Aave’s Lens Protocol, among other features. Profiling of NFTs and NFT profiles will be the primary primitives of the Lens Protocol.
Aave claims that the platform will handle IPFS and a variety of media kinds when it comes to publishing. With the mirror feature, Lens Protocol users will be able to re-share and collect articles. According to Aave’s blog, “by amplifying material, you can get paid for sharing the original information with anyone who finds it through your share.” According to Aave, the Lens Protocol would use “fair launch drop dynamics” and social verification as part of its design.
An assessment by Peckshield has confirmed that Aave’s Lens Protocol is currently functioning on Polygon’s Mumbai testnet. There is a bug bounty for Lens Protocol, and Aave is searching for developers to contribute to the open-source platform.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.