In brief

  • Aave has launched Lens Protocol, an NFT-based decentralized social media protocol that runs on Polygon.
  • Lens Protocol can power an array of potential social media apps and services.

Popular DeFi lending protocol Aave is going a very different route for its latest Web3 project, today announcing the public launch of Lens Protocol, a decentralized social graph that uses NFT assets to power social media platforms.

While Lens Protocol appears designed to challenge centralized social media platforms like Twitter, it takes a very different approach. Essentially, it lets users own their content by storing it as NFTs—unique blockchain-based tokens—within a crypto wallet. The protocol can be tapped by any number of apps or services, so anyone can build on it.

Lens Protocol is built on Polygon, a sidechain scaling solution for Ethereum, the leading blockchain platform for decentralized apps (dapps) and NFTs. Polygon enables faster, cheaper, and less energy-intensive transactions than Ethereum’s own mainnet, making it more viable for a social network built around a potentially large number of NFT assets.

Social media is seen as an ideal use case for blockchain technology, enabling platforms that are censorship-resistant and let users own, control, and possibly profit from their own content.

Such platforms have yet to approach the scale of giants like Twitter and Facebook, although the Ethereum-based Minds is one notable example—it claimed to have 14 million total users as of June 2021.

Lens Protocol was first teased last June, when Aave founder and CEO Stani…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed