Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon – Blockchain Bitcoin News


The decentralized finance (defi) lending platform Aave has revealed the launch of a Web3 social media platform referred to as the Lens Protocol. In response to the crew, Lens is a “Web3, sensible contracts-based social graph” that’s constructed utilizing the Polygon blockchain.

Defi Mission Aave Drops the Lens Protocol, Platform’s Intent Is to ‘Empower Creators to Personal the Hyperlinks Between Themselves and Their Group’

For fairly a while now, decentralized social media has been a Holy Grail to many cryptocurrency advocates. Whereas it’s apparent that social media platforms may leverage crypto belongings so contributors can make the most of micro-payments, blockchain will also be utilized for a decentralized model of censorship-resistant social media possession. On February 8, the defi lending challenge Aave revealed the launch of the Lens Protocol, a Web3 social media platform that makes use of the proof-of-stake (PoS) community Polygon.

Aave particulars in a not too long ago revealed weblog submit in regards to the topic, that the Web3 Lens Protocol is “designed to empower creators to personal the hyperlinks between themselves and their group, forming a completely composable, user-owned social graph.” The builders say the protocol is “constructed from the bottom up with modularity in thoughts, permitting new options to be added whereas guaranteeing immutable user-owned content material and social relationships.”

Aave’s Lens Protocol introductory submit provides:

Since customers personal their information, they will carry it to any utility constructed on prime of Lens Protocol. Because the true house owners of their content material, creators now not want to fret about dropping their content material, viewers, and livelihood primarily based on the whims of a person platform’s algorithms and insurance policies. Moreover, every utility utilizing the Lens Protocol advantages the entire ecosystem, turning the zero-sum sport right into a collaborative one.

Lens Protocol to Characteristic Profile NFTs, IPFS Help, Social-Primarily based Verification

Over the previous couple of years, there have been quite a few makes an attempt to meld blockchain tech and micro-payments into the world of social media. Many platforms nonetheless exist like Memo.money, Hive, Steemit, Mediachain, Fluz Fluz, Peepeth, Minds, Society2, and Civil. Aave’s Lens Protocol will use various completely different options together with non-fungible token (NFT) expertise. The principle primitive of the Lens Protocol will probably be Profile NFTs and NFT profiles may be adopted.

By way of publication, Aave says the platform will help the Inter-Planetary File System (IPFS) and varied media varieties. Lens Protocol customers will be capable to accumulate the publications and re-share issues with a mirror characteristic as properly. “By amplifying content material, you may earn a minimize from anybody who collects the unique content material by means of your share,” Aave’s weblog submit particulars. Aave additional says Lens Protocol will deploy “honest launch drop mechanics” and the Lens Protocol will characteristic social-based verification.

On the time of writing, Aave’s Lens Protocol is working on Polygon’s Mumbai testnet and the platform has been audited by Peckshield. Lens Protocol is open supply and Aave is on the lookout for builders to contribute and it has additionally launched a bug bounty for the platform as properly.

Tags on this story

Aave, Aave Platform, bug bounty, Crypto, decentralized finance, DeFi, empower creators, Fluz Fluz, hive, lending platform, Lens Protocol, Mediachain, Memo.money, minds, Mumbai testnet, nft, NFT Tech, NFTs, Open Supply, Peckshield audit, Peepeth, Polygon, Profile NFTs, Social Media, Social Media Blockchain, Steemit, Web3

What do you concentrate on Aave’s Lens Protocol? Tell us what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at present.

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