Decentralized finance (defi) lending platform Aave has announced the launch of a Web3 social media platform called Lens Protocol. According to the team, Lens is a “Web3, smart contracts-based social graph” built using the Polygon blockchain. Defi project Aave is dropping the Lens protocol, the platform’s intention is to “empower creators to own the connections between themselves and their community.” Decentralized social media has been a holy grail for many cryptocurrency advocates for quite some time. While it is obvious that social media platforms could leverage crypto assets to allow contributors to use micropayments, blockchain can also be used for a decentralized version of censorship-resistant social media ownership. …
Decentralized finance (defi) lending platform Aave has announced the launch of a Web3 social media platform called Lens Protocol. According to the team, Lens is a “Web3, smart contracts-based social graph” built using the Polygon blockchain.
Decentralized social media has been a holy grail for many cryptocurrency advocates for quite some time. While it is obvious that social media platforms could leverage crypto assets to allow contributors to use micropayments, blockchain can also be used for a decentralized version of censorship-resistant social media ownership. On February 8, Defi Lending project Aave unveiled the launch of the Lens Protocol, a Web3 social media platform using the Proof-of-Stake (PoS) network Polygon.
From the development team that introduced you to the Aave protocol @LensProtocol. It's time to own your digital roots🌿Read the full thread to find out more👇👇👇 https://t.co/5FR1nfj9Vv
— Aave (@AaveAave) February 7, 2022
Aave details in a recently published Blog entry on the topic that the Web3 Lens protocol is “designed to give creators the ability to own the connections between themselves and their community and form a fully composable, user-owned social graph.” The developers say the protocol was “built from the ground up with modularity in mind, to enable the addition of new features while ensuring immutable user-owned content and social relationships.”
Aave’s Lens protocol introductory post adds:
Because users own their data, they can bring it into any application built on the Lens protocol. As true owners of their content, creators no longer have to worry about losing their content, audience, and livelihood due to the whims of a single platform's algorithms and policies. Additionally, the entire ecosystem benefits from every application that uses the Lens protocol, turning the zero-sum game into a collaborative game.
In recent years, there have been numerous attempts to integrate blockchain technology and micropayments into the world of social media. There are still many platforms such as Memo.cash, Hive, Steemit, Mediachain, Fluz Fluz, Peepeth, Minds, Society2 and Civil. Aave's Lens Protocol will use a number of different features, including Non-Fungible Token (NFT) technology. The main element of Lens Protocol is profile NFTs, and NFT profiles can be followed.
Regarding the release, Aave says the platform will support the Inter-Planetary File System (IPFS) and various media types. Lens Protocol users can collect the releases and also re-share things with a mirroring feature. “By amplifying content, you can earn a portion from anyone who collects the original content through your sharing,” Aave’s blog post details. Aave further says that the Lens Protocol will employ “fair launch-drop mechanics” and that the Lens Protocol will include social-based verification.
At the time of writing, Aave's Lens protocol is running on Polygon's Mumbai testnet and the platform has been audited by Peckshield. The Lens protocol is open source and Aave is looking for developers to contribute to it and has also launched a bug bounty for the platform.
What do you think of Aave's Lens protocol? Let us know your thoughts on this topic in the comments section below.
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