Aave launches Web3 social media platform, Lens Protocol
Aave (AAVE), the decentralized finance lending platform, launched the Lens Protocol ecosystem on the Polygon (MATIC) blockchain as their strategy to problem centralized social media platforms like Twitter or Fb. What began with an open letter to garner help round the concept content material creators ought to personal and management their digital identities, led to creating a Web3-native social community powered by nonfungible tokens (NFTs).
In a Twitter Areas dialog the corporate hosted this week, Stani Kulechov, CEO and founding father of Aave, described the mission behind Lens Protocol.
“We wished to construct a social media protocol, or basically a social graph, and make these profiles on-chain, following the relationships on-chain and making a permissionless strategy to distribute content material between a creator and the viewers.”
Kulechov and his developer crew dug into the issues with present social media platforms. In accordance with one of many builders who goes by @Zer0dots on Twitter, “We’re individuals. We’re not merchandise. We’re not numbers nor information factors.” He is referring to content material on customers’ feeds, whether or not it is a picture on Instagram or a Tweet, that Meta or Twitter can promote as information to entrepreneurs. He described how Lens Protocol needs to make the transfer away from “customers being the merchandise” to giving creators sufficient possession to decide on how their content material is distributed.
1/ One thing is blooming… https://t.co/UMUs3qT3SD
— LensProtocol.eth (@LensProtocol) February 7, 2022
Mainly, the protocol allows customers to create a profile, which is a totally composable NFT. These dynamic NFTs include the historical past of all posts, reposts, feedback, and different content material generated together with music, commentary, artwork, images and video. A key distinction is that profiles are tied to a pockets handle, and homeowners can select the right way to monetize their content material. A follower may also gather another person’s publication and obtain a tradable comply with NFT.
“And you’ll select who will get to gather them,” mentioned @Zer0dots. “You may select what logic will get executed. Is there’s a charge? Is it a bonding curve that’s subscription? Or is it solely particular addresses you need? There’s so many various choices.”
In the course of the Twitter Areas session, the Aave crew additionally instructed the opportunity of turning profiles right into a decentralized autonomous group, or DAO. A follower can choose in to have voting and delegation energy over what could possibly be a DAO profile.
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Aave likened this new ecosystem to an open-source “developer backyard” the place they invite the neighborhood to “seize fertilizer” and construct upon the protocol, something from social apps and analytics platforms to DAO tooling. The corporate’s purpose is to reflect real-life social interplay that is not tied to a platform’s altering algorithms and insurance policies.
For now, the Lens Protocol code is accessible to check on the Polygon Mumbai Testnet. In accordance with Kulechov, Polygon was the chain of selection due transaction velocity and value effectiveness, and since functions could be deployed to any chain as a result of it is Ethereum Digital Machine appropriate.
