Skip to content

Shared Web3 user base could power new social app integrations – Aave CEO

The most recent model of the Web3 Social Layer Lens protocol has been launched, introducing improved performance to assist new use instances and shared monetization for its rising Web3 person base.

Decentralized finance (DeFi) agency Aave Firms introduced Lens Protocol v2 throughout EthCC in Paris on July 17, transforming the code powering the protocol to allow improved construction, configuration and performance.

Stany Kulechov, founding father of Aave and Lens Protocol, instructed Cointelegraph that Lens is a decentralized protocol constructed on Polygon that has a expertise stack that permits builders to construct and deploy Web3 social apps, in addition to Web3 social apps. Permits options to be built-in with present net 2 and cell experiences:

“Our imaginative and prescient is for a Lens protocol that permits all functions to seamlessly join throughout blockchain and non-blockchain functions, and rewards each people and collective shared networks.”

Lens has about 119,000 Web3 customers in its beta, in response to Kulechov, with a protracted ready listing. Functions constructed on Lens can make the most of this viewers, which is a key part of the protocol’s social graph structure.

The protocol supplies an alternative choice to conventional Web2 networks and their centralized database mannequin, which guidelines out portability. Web2 platforms battle a zero-sum recreation for person consideration, by which one’s acquire is the same as the opposite’s loss, in response to the Lens key doc description.

RELATED: Web3 Social Media Protocol Launches Scaling Resolution to Ship Instantaneous Posts

The Lens Protocol permits customers to retailer and carry private information throughout related or built-in functions. Kulechov stated Lens is designed to allow human engagement on the Web whereas benefiting contributors and the broader ecosystem:

“We’re nonetheless within the early days for Web3 Social. Lens is working with builders and content material creators to interact them in growing client apps and publishing content material on Lens.

Kulechov stated it’s historically troublesome for brand spanking new social platforms to compete with present ones for viewers and funding. Lens is meant to take away among the threat related to the “chilly begin” downside confronted by builders with ecosystem apps sharing the identical Web3 viewers.

He stated the just lately launched Threads is an instance of how Instagram is leveraging its present viewers to draw them to a brand new app that competes with Twitter.

“Utilizing their built-in Instagram customers, Threads demonstrated the facility of the shared social community whereas launching a brand new app. Solely, on this case, the shared community is closed – permitting solely meta apps to learn.”

V2 of the protocol is anticipated to offer extra methods to share worth, permitting customers to decide on particular algorithms and transfer freely between communities and functions. For Kulechov, the potential for brand spanking new social experiences constructed on Lens stays a essential draw card because the protocol’s shared person base permits new apps or integrations to make the most of present networks.

Associated: Unstoppable Domains Provides .eth Domains Via Ethereum Identify Service

Kulechov additionally emphasised that Lens just isn’t designed as a “front-end” app, however reasonably a shared community protocol that gives worth again to customers, creators, and builders.

“Lens leverages blockchain, sensible contracts, decentralized storage and NFTs to re-imagine an open and various social community providing a wide range of experiences and communities.”

Firms corresponding to Unstoppable Domains and Ethereum Identify Service have over the previous two years promoted Web3 decentralized domains that act as self-custodial digital identities and human-readable wallets.

Gather this text as an NFT To protect this second in historical past and present your assist for impartial journalism within the crypto sector.

Journal: Marking music royalties as NFTs might assist turn into the subsequent Taylor Swift