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News

Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

April 27, 2023 - Around 3 mins mins to read

Key Points:

  • The Lens Protocol team has announced the debut of Bonsai, a new layer 3 network designed to grow blockchain social media platforms.
  • The solution intends to accelerate the adoption of decentralized social networks and open up new avenues for content monetization.
Lens Protocol released a beta version of Bonsai, a blockchain scaling solution, as the blockchain-based social media project prepares to manage a higher number of transactions for users of Lens-based decentralized applications.
Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

The solution intends to accelerate the adoption of decentralized social networks and open up new avenues for content monetization.

Aave Companies, the company behind Lens Protocol, disclosed that Bonsai was designed expressly to aid in the scalability of decentralized social media services.

The method enables the processing of a huge number of transactions while incurring minimum expenses, solving one of the primary issues that these platforms confront. In this manner, it may be able to sidestep the block space constraints of Ethereum and other blockchains.

Lens Protocol is a blockchain system that enables users to create a portable social graph, or digital network, between themselves and others. When users connect with another individual on one Lens app, such connections may be transferred to any other app built on the protocol.

Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

On the protocol’s official website, there are 17 distinct Lens-based social media applications mentioned, including Buttrfly, DumplingTV, Lenster, Lenstube, and others.

Stani Kulechov, CEO of Aave and founder of Lens Protocol, stated:

“Bonsai provides hyperscalability that supports blockchain’s core values and guarantees, delivering secure, fast, and cost-effective scalability.”

The Lens team noted in a technical paper connected to the announcement that the Polygon network could not meet the transaction volume or data-storage demands of large-scale social media applications, necessitating the creation of a new optimistic L3 hyperscaling data solution.

Shared blockchain networks, according to the document, can only manage up to 200 transactions per second (TPS), while the previous edition of Lens Protocol could only handle 40 to 50 TPS. In comparison, it was said that Twitter often achieves 25,000 TPS at peak moments. To solve this problem, Bonsai launched as a layer 2 of Polygon itself or a Layer 3 of Ethereum.

The Bonsai network, according to the technical paper, is made up of three sorts of nodes: submitters, verifiers, and timestamps. Submitters verify transactions, create metadata, and send them to Bundlr. Verifiers examine the data given by submitters and validate its accuracy. And timestamps are used to establish the correct block number and timestamp for a specific piece of data.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

Key Points:

  • The Lens Protocol team has announced the debut of Bonsai, a new layer 3 network designed to grow blockchain social media platforms.
  • The solution intends to accelerate the adoption of decentralized social networks and open up new avenues for content monetization.
Lens Protocol released a beta version of Bonsai, a blockchain scaling solution, as the blockchain-based social media project prepares to manage a higher number of transactions for users of Lens-based decentralized applications.
Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

The solution intends to accelerate the adoption of decentralized social networks and open up new avenues for content monetization.

Aave Companies, the company behind Lens Protocol, disclosed that Bonsai was designed expressly to aid in the scalability of decentralized social media services.

The method enables the processing of a huge number of transactions while incurring minimum expenses, solving one of the primary issues that these platforms confront. In this manner, it may be able to sidestep the block space constraints of Ethereum and other blockchains.

Lens Protocol is a blockchain system that enables users to create a portable social graph, or digital network, between themselves and others. When users connect with another individual on one Lens app, such connections may be transferred to any other app built on the protocol.

Lens Protocol Launches Optimistic Layer 3 Scaling Solution Bonsai Project

On the protocol’s official website, there are 17 distinct Lens-based social media applications mentioned, including Buttrfly, DumplingTV, Lenster, Lenstube, and others.

Stani Kulechov, CEO of Aave and founder of Lens Protocol, stated:

“Bonsai provides hyperscalability that supports blockchain’s core values and guarantees, delivering secure, fast, and cost-effective scalability.”

The Lens team noted in a technical paper connected to the announcement that the Polygon network could not meet the transaction volume or data-storage demands of large-scale social media applications, necessitating the creation of a new optimistic L3 hyperscaling data solution.

Shared blockchain networks, according to the document, can only manage up to 200 transactions per second (TPS), while the previous edition of Lens Protocol could only handle 40 to 50 TPS. In comparison, it was said that Twitter often achieves 25,000 TPS at peak moments. To solve this problem, Bonsai launched as a layer 2 of Polygon itself or a Layer 3 of Ethereum.

The Bonsai network, according to the technical paper, is made up of three sorts of nodes: submitters, verifiers, and timestamps. Submitters verify transactions, create metadata, and send them to Bundlr. Verifiers examine the data given by submitters and validate its accuracy. And timestamps are used to establish the correct block number and timestamp for a specific piece of data.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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