AAVE Launches Decentralized Social Media Protocol - 'Lens' Powered By Polygon
A few days ago I published a blog about SocialFi being the next big crypto trend especially in the year 2022. So here we go! Team behind the DeFi lending platform AAVE has launched the testnet of a new protocol to create Decentralized Social Media Dapps and it is powered by the most successful ETH Scaling platform - Polygon. This is one of the biggest of the year so far. Content ownership in the hands of creators!
2022 is also the year of scalability in terms of the number of users, speed & cost of the transactions. Protocols that could crack these areas would make it big. Lens will be a nice little addition to the polygon ecosystem! Metaverse is going to be decentralized not owned by tech giants like Meta. Decentralized alternatives are favored by the masses and once they achieve infinite scalability, worldwide adoption is imminent.
What The Heck Is Lens Protocol?
Lens Protocol was revealed on Twitter yesterday as a “permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.”
The team originally wanted to create a Web 3 social media alternative to Twitter or Facebook but the scope changed and expanded to develop a protocol that can be used to create such platforms easily. There are modules that can be used to create a complete social experience.
Some of the highlights of the protocol are as follows:
- The protocol uses NFTs to identify your profile, follower list, and other attributes. All of them can be linked to one address i.e owner.
- A single owner can also have multiple NFTs associated with it so multiple profiles can be made. This means your content is your own and you have the ability to monetize it.
- It uses IPFS for off-chain storage. IPFS is a distributed system for storing and accessing files, websites, applications, and data.
- Each content piece called publication is an NFT that anyone on the network can collect (aka buy). This means instant monetization of your content is enabled and in-house marketplace for creators to sell their content.
- If someone buys content that was mirrored (aka shared) by you, then you are entitled to a "Mirror Fee". Sharing is caring and sharing is money!
- Right now the team is offering a grants program to fund projects that are worthy and boost the ecosystem. So if you have any idea that you can build on Lens protocol, you can apply for grants on their website.
Since it's open-source, anyone can plug the protocol into their social frontend. It will take care of scalability and developers can focus on providing better features and user experience to their users.
To know more about the protocol, please check their website: https://lens.dev/
Social Media Of The Future
Social media is one of the biggest contributors to internet traffic. In web 2.0, people create content and corporations make huge profits. Web 3.0 is different where people create content and they make all the money. They actually own their content! There's also no censorship and no central entity controlling the network. Everyone is free to join without any discrimination.
Lens protocol wants to make it easy for developers to create Web 3.0 social platforms by providing several in-built features and the goodness of blockchain technology. Although we already have other decentralized alternatives in the market, no one has been able to break the monopoly of these tech giants so far. Since all of them are in their early stages, it's too early to predict anything. I am pretty sure this wave will go much higher this year and we might see some breakthrough applications that would change social media forever. 🤞
Is Hive Ahead In The Race?
Hive is a Layer-1 blockchain protocol that can be compared to Lens protocol but it has some major advantages over it. It is years ahead in terms of development having a rich ecosystem consisting of hundreds of applications and communities running their social media hoods. It already works with a DAO known as DHF (Decentralized Hive Fund) that supports funding and development of the blockchain. Fast & Feeless transactions. And to top it all - an amazing community that has the power to beat all the odds. Where does hive stand in the Web3 Social media race? Please comment your thoughts below!
It's hilarious because I am publishing a blog about web3 social media protocol on a web3 social media website that uses a different web3 protocol. 😂
Posted Using LeoFinance Beta
https://twitter.com/finguru6/status/1491043292200734720
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
I think they do not have the UI yet for posting, right?
No brother! They just launched the protocol yesterday. It would take a while for others to build on it. I am hoping to see some cool social Dapps coming out of it. Let's see!
Posted Using LeoFinance Beta
I wonder what is the demand for such a protocol or not. With HIVE, you can just spend some BEE then spin up a front-end that essentially does something similar. Also the NFTs as profiles seems like a barrier to entry that I would prevent people from joining.
Posted Using LeoFinance Beta
Web 3 Social media is the future and not many big players are doing anything about it. Maybe because they couldn't solve high Gas fees and slow transaction times. Hive is one of a kind exception that did so well yet not many people know about it because we have solved those problems from day one.
Polygon solve this for ETH as layer 2 solution and cracking such a protocol is just the starting. It could start a wave of decentralized social media dapps that could engage millions and eventually billions of users to their network.
I think that's genius because that way you can verify the ownership of those attributes like profile, follower list and even content you publish. Moreover, through NFTs, protocols make everything transferrable.
Hive is verifying ownership at the blockchain level where your address is associated to your profile. It's more or less the same thing. But you cannot transfer your profile to a new address. With lens, you will be able to do it.
Not sure how it will play out for them but it's interesting to see such things developing. Maybe Hive Devs will get cool ideas from Lens and include those features on Hive as well.
Posted Using LeoFinance Beta
Congratulations @finguru! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 7000 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!