Lens Protocol is where you build decentralised social media

Popular Decentralized Lending Protocol, Aave, has announced the release of its new Web3 project, the Lens Protocol, a protocol in which one can build decentralized social media that use NFT assets for their operation.

- Advertisement -

The Lens Protocol takes a different path than traditional social media platforms such as Twitter. It allows its users to become the sole owners of their content by storing it as NFTs. An NFT is a non-fungible token – a digital asset. The Lens Protocol can be used by any number of applications or services, so anyone can leverage it.

Built in Polygon

Lens Protocol is built on Polygon, a layer 2 protocol that acts as a scaling solution for Ethereum, which is the leading blockchain platform for decentralized applications (dapps) and NFTs. Polygon enables faster, cheaper and less energy-intensive transactions from Ethereum’s core network.

Ideal for blockchain social media

Social media is considered an ideal use case for blockchain technology, as it becomes censorship-resistant and allows users to own, control and potentially profit from their own content.

Such platforms have yet to approach the momentum and popularity of the giants in the space such as Twitter and Facebook, although Ethereum-based Minds is a notable example as it claimed to have a total of 14 million users as of June 2021.

A year ago

The Lend Protocol was first heard of last June, when Aave founder and CEO Stani Kulechov wrote on Twitter, “Since Square CEO and Twitter CEO Jack Dorsey is going to create Aave in Bitcoin, then Aave should create Twitter in Ethereum.”

Ultimately this was not a comment of the moment. Aave did indeed begin to develop a decentralized competitor to traditional social media, but ultimately chose to build on Polygon rather than the main Ethereum network.

- Advertisement -

In February, the revelation about the details

Aave first revealed the name and details of the Lens Protocol last February, highlighting the ability to create unique NFT-based profiles, as well as store content via NFT that users will have in their wallets. The first applications on top of Lens Protocol, such as LensFrens and Lenster have already been released, but they are not yet robust social media services.

Twitter looks to a decentralized future

Interestingly, Twitter is also looking for a decentralized future. Under Dorsey’s direction, it announced the creation of Bluesky, an initiative that seeks to create a decentralized social media protocol. Twitter is funding the project, but does not own it.

Previous Articles:

- Advertisement -

Latest News

Coinbase Base App Rebrand Sparks Zora Token and SocialFi Surge

Coinbase rebranded its Wallet to the Base App on July 16, sparking a surge...

Solana Holds $177 Support as ETF Delays Weigh, Eyes $205 Rebound

Solana (SOL) saw its price fall by 3.2% this week after a strong rise...

Astronomer Turns Viral CEO Kiss Cam Scandal Into Data-Driven Win

Astronomer, a data infrastructure company, faced a viral public incident involving its CEO and...

Japan’s Crypto Bottleneck: Regulation, Not Taxes, Drives Talent Out

Regulatory approval delays are causing crypto startups to leave Japan.A proposed 20% flat tax...

Solana Rallies 5%, Eyes $200 as Bulls Challenge $188 Resistance

Solana (SOL) has recovered, rising over 5% in 24 hours and 30% in the...

Must Read

Top 10 Best Crypto Advertising Networks

So, you are interested in promoting your crypto-related product or service but you don’t know how to go about it. Today we are going...