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


Decentralized financial (defi) lending platform Aave has unveiled the launch of a Web3 social media platform, the Lens Protocol. According to the team, Lens is a “Web3 smart contract-based social graph” built using the Polygon blockchain.

Defi Project Aave drops the lens protocol, the platform’s intent is to ‘enable creators to own the ties between themselves and their community’

For some time now, decentralized social media has been a holy grail for many cryptocurrency advocates. While it is clear that social media platforms can leverage crypto assets so that contributors can use micropayments, blockchain can also be used for a decentralized version of censorship-resistant social media ownership. On February 8, the defi loan project Aave unveiled the launch of the Lens Protocol, a Web3 social media platform that leverages the proof-of-stake (PoS) network Polygon.

In a recently published blog post on the subject, you mention in a recently published blog post that the Web3 Lens protocol “is designed to enable creators to own the ties between themselves and their communities, forming a completely curable social graph that is owned belongs to the user.” The developers say the protocol was “built from the ground up with modularity in mind, allowing for the addition of new features while ensuring immutable user content and social relationships.”

Aave’s Lens Protocol introductory post adds:

Because users own their data, they can bring it to any application built on top of Lens Protocol. As the true owners of their content, creators no longer have to worry about losing their content, audience, and livelihood based on the whims of an individual platform’s algorithms and policies. In addition, any application that uses the Lens protocol benefits the entire ecosystem, making the zero-sum game a collaborative game.

Lens protocol for job profile NFTs, IPFS support, social authentication

In recent years, numerous attempts have been made to merge blockchain technology and micropayments in the social media world. Many platforms still exist, such as Memo.cash, Hive, Steemit, Mediachain, Fluz Fluz, Peepeth, Minds, Society2, and Civil. Aave’s Lens Protocol will use a number of different features, including non-fungible token (NFT) technology. The main primitive of the Lens Protocol are profile NFTs and NFT profiles can be tracked.

As for publishing, Aave says the platform will support the Inter-Planetary File System (IPFS) and various media types. Lens Protocol users can collect and re-share the publications with a mirroring feature. “By amplifying content, you can earn a share of everyone who collects the original content through your share,” details from Aave’s blog post. Aave goes on to say that Lens Protocol will use “fair launch drop mechanics” and that the Lens Protocol will include social verification.

At the time of writing, Aave’s Lens Protocol runs on Polygon’s Mumbai testnet and the platform is operated by Peckshield. Lens Protocol is open source and Aave is looking for developers to contribute and has also launched a bug bounty for the platform.

Tags in this story

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

What do you think of Aave’s Lens Protocol? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news leader at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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