AAVE launches decentralized social media platform Lens Protocol on Polygon

The decentralized finance platform AAVE announced the launch of Lens Protocol on February 7th. Lens Protocol is a decentralized social medium for Web3 built on the Polygon blockchain platform.

According to the official website, “The Lens Protocol is a permissionless, combinable, and decentralized social graph that makes building a social platform for Web3 easy.”

In the last decade, the use of social media platforms has grown exponentially. However, most social media platforms are systems controlled by a central authority. This has led to a major problem with user data protection and privacy. Also, the creators of content on these platforms have no ownership rights over their content.

As a result, there is a growing demand for decentralized social media platforms in the market. Lens Protocol seeks to fill this need gap by leveraging some of the most powerful blockchain platforms. The Lens Protocol is an open-source, Web3, smart contract-based social graph built on an ecosystem of dynamic non-fungible tokens (NFTs).

Lens Protocol was built from the ground up and is modular, allowing users to add more features as needed. In addition, it ensures immutable content and social relationships owned by users.

Lens Protocol – returning control of data to users

Lens Protocol users can create NFT-based profiles that include the history of all posts, mirrors, comments, and other content you generate. Lens Protocol will represent all content and followers on the platform in the form of non-fungible tokens (NFTs). The official announcement states:

“Because users own their data, they can bring it into any application built on top of the Lens Protocol. As the true owners of their content, creators no longer have to worry about losing their content, audience and livelihood to the vagaries of a single platform’s algorithms and policies….Also, any application leveraging the Lens Protocol benefits the entire ecosystem by turning the zero-sum game into a collaborative game. Developers can create meaningful social experiences without resorting to feedback mechanisms to capture user attention.”

Anyone who follows other users on the Lens platform will also receive a “Follow NFT”. In addition, users can collect a work published on the platform and republish it via a “mirror function”. This acts as a recommendation link, which earns the creator a share of the further distribution.

Lens Protocol is exploring other ideas involving DAO profiles and social verification, as AAVE has long considered moving into decentralized social media.

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AAVE believes that content creators should get a share of the revenue generated from their content. These principles are now to be continued by the Lens Protocol.

The initial plan was to launch the platform on Ethereum. However, the Polygon layer 2 platform was later chosen due to its scalability and lower transaction costs.