Aave launched decentralized social media platform on Polygon and the developers created Lens Protocol which is a Web3 smart contract-based social graph so let’s read more today in our latest cryptocurrency news.
The decentralized finance platform Aave, announced the launch of Lens Protocol which is a new decentralized social media platform that is built on the Polygon blockchain. Named after lens culinaris, the plat which has a relationship with soil bacteria, the open-source Web3 smart contracts-based social graph is based on an ecosystem for non-fungible tokens.
Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum
— stani.eth (👻,🌿) (@StaniKulechov) July 17, 2021
The users can create NFT-based profiles which have a history of all posts and comments as well as other content that you will generate while following on the platform and being represented by NFTs. The users will own their own data on Lens while other applications can plug into the open social graph. When someone on the platform generates a follow NFT, other users can collect published work by collectors and re-publish it through a mirror feature which acts as a referral link and will earn a cut from anyone that will collect the original content via the mirror.
As Aave launched decentralized social media, Lens Protocol will also explore ideas that include DAODAO profiles and social-based verification as per the website. AAVE’s move into social media has been planned for a while now and the founder and CEO Stani Kulechov revealed that the DEFI giant is planning an alternative to Twitter. The initial plan was for the platform to launch on Ethereum but the launch shows that LEns protocol was built on Layer 2 scaling solution Polygon. Kulechov said:
“We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.”
“Twitter makes all the revenue from your tweets and the content you share, and Twitter decides which of your tweets get traction through the algorithm.”
1/ Something is blooming… https://t.co/UMUs3qT3SD
— LensProtocol.eth 🌿 (@LensProtocol) February 7, 2022
Kulechcov argued that Twitter doesn’t allow users to monetize tweets and retweets and that if a user moves to other platforms, they would have to start from scratch. Those principles seem to have been carried through to Lens Protocol, the developers argued that the content creators of the world deserve to have holding power and control over what they publish.
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