On May 18, Aave launched a new protocol for creating a social network called ” Lens Protocol “This is a decentralized NFT-based project running on the Polygon blockchain. The Lens Protocol can run a collection of potential social media applications and services. Although the Lens Protocol seems to challenge centralized social networks like Twitter, it has a completely different approach.
What is the Aave Lens Protocol?
As noted above, the Lens Protocol is a compiling and decentralized social model. The protocol is designed with modularity in mind, allowing new features to be added, while ensuring social relationships and immutable user-owned content.
Aave first revealed the branding and details of the Lance protocol in February, highlighting the possibility of creating unique NFT-based profiles. It also offers the ability to store content via irreplaceable tokens that users keep in their own wallets. LensFrens and Lenster, the first applications are already working thanks to the Lens protocol. Today, these platforms in the field of social networks do not have a strong influence.
Indeed, Twitter is potentially evolving into a decentralized organization in the future. Already, the creation of Bluesky was an initiative aimed at creating a decentralized social network protocol.
Furthermore, Lens Protocol works on the Polygon blockchain because it is environmentally friendly. The eco-friendly blockchain allows every publication on the Lens Protocol to have a low carbon footprint, while it is on a secure blockchain at a low cost.
The Lance Protocol was first hinted at in 2021, when Aave founder and CEO Stani Kulechov tweeted: ” Because [le PDG de Square puis le PDG de Twitter, Jack Dorsey] will build Aave on Bitcoin, Aave should build Twitter on Ethereum. Aave started developing decentralized social media well, but eventually opted for the Polygon blockchain rather than the Ethereum mainnet.
Purpose of Lens Protocol on Web3
Social networks have enabled users to find their communities and gain freedom of expression in any circumstances. They offer a guarantee of connection, independence, livelihood and voice. Web3 brings new hope for the future of social media. It is the ability to control how user content can be used. Each user is free to own and monetize their content and community without intermediaries and without a centralized entity.
Allows creators to take ownership of their content. The user remains the owner of his profile. From anywhere in the world and in any way. This is an opportunity for everyone to choose how to monetize their content.
In other words, it means that each individual has complete control over what is in his wallet in the form of NFT. This is how digital identity should work: Unique for each individual. Basically, it allows users to own their content by storing it as NFTs, unique, immutable blockchain-based tokens, in a wallet. The protocol can be used by any application or service, so anyone can use it.
The first step of the Lens protocol is to create a profile. Everything the user wants to share can be achieved through publishing. They also have two modules connected, a collection module and a reference module.
- The collection module contains logic that allows other users to convert your post to NFT.
- This NFT refers to the URI (Unique resource identifier) from the original publication. The reference module, on the other hand, controls the references of the publication itself. It contains logic that determines who can comment and share the post in question.
Each user can follow people to collect their publications. All collections can be made public. Also, the protocol mirror function allows the publication to be reshared after it has been edited. In order to expand the content, each participant can receive a commission. Each ” FollowNFT it remains unique and has innate usefulness. One of the features also allows commenting, thus leaving a digital imprint on the chain. ” ProfileNFT »Includes all history of messages, comments, mirrors and other content generated on the platform by users. Individual addresses have their ” ProfileNFT “And the address may contain several” ProfileNFT “.
When a user follows someone else on the Lens Protocol, they get ” FollowNFT unique with token ID. This makes the voting system quite simple. For example, if it is a decentralized autonomous organization (DAO) and they want to allow the first 100 subscriber ID tokens to vote, it is possible.
How is the Lens protocol useful for the user?
Lens Protocol is based on Polygon, a side chain scaling solution for Ethereum, a leading blockchain platform for decentralized applications (Dapps) and NFT. The polygon enables faster, cheaper and less energy-intensive transactions than Ethereum mainnet. This makes it more suitable for a social network built around a potentially large number of NFT assets.
Social media is considered an ideal use of blockchain technology. This enables censorship-resistant platforms. In addition, users own, control and benefit from their own content.
These platforms have not yet reached the proportions of giants like Twitter and Facebook. However, Ethereum-based Minds is a great example of this with 14 million active users by June 2021.
Therefore, the purpose of the Lance Protocol is to enable creators to take ownership of the connections between themselves and their community, forming a fully composed and decentralized social model. This kind of project definitely shows a revolution in the ecosystem and space Web3 from tomorrow.
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Interested in investing and financial markets after business school in Chambéry, the passion for cryptocurrencies was obvious. Blockchain is certainly the universal tool of tomorrow.