Decentralized Finance (DeFi) Project Aave announced the launch of Lens Protocol, a decentralized social media (DeSo) platform on Polygon with the aim of expanding its operations and exploring new opportunities. The company aims to create a self-sustaining economy that maintains a fair relationship with its users. The open source “Social Graph based on Web3 smart contracts” is based on an ecosystem of non-fungible dynamic tokens (NFTs) and is named “lens culinaris”, a plant that has a symbiotic interaction with soil microorganisms .
Users can create NFT-based profiles, which will have a history of all posts and comments as well as other content you generate by following on the platform and being represented by NFTs. Users will own their own data on Lens while other apps can connect to the open social graph.
2/ Today everything changes. We’re excited to introduce Lens Protocol 🌿, a permissionless, composable, and decentralized social graph that makes it easy to build a Web3 social platform.
Dig at https://t.co/UTTngajt2f
— LensProtocol.eth 🌿 (@LensProtocol) February 7, 2022
When someone on the platform generates an NFT follower, other users can collect the work posted by collectors and repost it through a mirror function, which acts as a referral link and will earn a share of anyone who collects the original content via the mirror. .
Lens Protocol will also explore ideas that include Decentralized Autonomous Organization (DAO) profiles and social media-based verification, according to the website. AAVE’s move to social media has been planned for some time now and Founder and CEO Stani Kulechov has revealed that the DeFi giant is considering an alternative to Twitter. The original plan was to launch the platform on Ethereum, but the launch shows that the Lens protocol was built on the Polygon layer 2 scaling solution.
Kulechov announcing Lens Protocol on Twitter said, “We believe content creators should own their audience without permission, where anyone can create new user experiences using the same social graph and on-chain data.”
“Twitter generates all revenue from your tweets and the content you share, and Twitter decides which of your tweets gets traction through the algorithm,” he added.
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