Aave Companies, the software development company that developed the famous DeFi protocol Aave, has announced the release of Lens Protocol. A revolutionary project that the Aave team has been working on for months.
Lens Protocol kicks off a new generation of social media
Lens Protocol is a decentralized, open source protocol that enables a new generation of social networks. In fact, the protocol provides all the necessary tools to be able to create decentralized social media, in which it is the user who owns and manages his own data and not the big companies that build the platform.
Lens was launched on Polygon‘s blockchain, thus guaranteeing lower costs.
This project may indeed represent the first step towards a more decentralized and more democratic world as it gives users back the power and ownership of their own data. An extraordinary achievement.
The idea that users have to compromise their information in order to use a social network is an extremely worrying and dangerous thing. Probably most people do not think enough about how the “game” of big companies really works.
Lens Protocol allows taking a big step forward. Its open-source blockchain technology gives developers the ability to create social media apps, marketplaces, and Web3-based recommendation algorithms.
By leveraging NFT technology, users completely own their data, thus also creating new ways for creators to monetize their digital content and maintain their relationships with their friends and followers.
The Aave team’s take on the newly launched revolutionary project
Stani Kulechov, CEO and founder of Aave Companies said:
“The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform.
People are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve”.
With Lens, therefore, the followers, community and content of each user is linked to their NFT profile and can be transferred to any new protocol-based app.
After the user creates a Lens NFT profile, that is where all the content they create and all the interactions they have with their audience will be stored.
Thus, it is worth emphasizing once again that, in this way, creators have the ability to own the content they create, regardless of the application on which it was created or shared.
A launch with a bang
Aave‘s exciting new project already seems to have met with great approval. At the time of its launch, already 50 applications were based on this protocol.
The idea of the Aave team seems in every respect a winning and well-developed intuition. Building social media in Web 3.0 on the Lens Protocol means embracing and achieving another bit of freedom, which deviates somewhat from the strictly financial issues DeFi is concerned with, but still plays an important role in our lives.
The protocol manages to put the user at the centre of the game, totally changing the landscape of social media platforms and user experiences as we know them today.
Furthermore, Lens Protocol is currently overseen by a multi-sig, but will be fully owned by the community through a progressive phase of decentralization. It is completely open and composable and, due to its on-chain nature, can interact with any other smart contract within the same network.
To accelerate the growth of the Lens ecosystem, Aave has also launched a $250,000 grant programme, with the aim of giving funds to projects and developers who want to build high-quality social Web3 infrastructure and front-end experiences.
At the recent LFGrow hackathon, 530 participants have already submitted 120 projects based on Lens Protocol.