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.
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.
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:
- How Lido Finance (LDO) can play a leading role in cryptocurrency ecosystem
- How to actively trade and steadily increase your deposit
- Bitcoin: Indications that its price has bottomed out
- LocalCoinSwap Responds as P2P Demand for Stablecoins Increases
- How Avalanche moves in the bear market and what is its outlook
