Aave creators has launched Lens Protocol on the Polygon blockchain
More than 50 apps have launched on Lens Protocol, according to a press release. Lenster, Lens Booster, SpamDAO, GoldenCircle, PeerStream, Swapify, Social Link, and more applications are among them.
Lens was initially developed in February 2022 by the creators of Aave, a popular lending protocol. Lens is a software stack that allows developers to build decentralized social media alternatives to Twitter and Facebook. The goal of Lens Protocol is to create a platform that uses a blockchain network to assist decentralize the ownership of content and user profiles.
Lens Protocol uses crypto addresses and NFTs for authentication and monetization instead of typical social media accounts that rely on email ids and a unique username. Users, not a centralized company, manage the content and personal data linked with accounts under this setup.
Centralized social media platforms are frequently criticized for cancelling user accounts without warning. Stani Kulechov, the CEO of Aave, has lately been suspended. Kulechov’s Twitter account was banned in April after he joked about “joining Twitter as interim CEO.” After his account was restored, Kulechov told The Block that actions like these from social media behemoths inspired Aave to develop Lens Protocol.
“The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov stated on today’s launch.
As a result, Lens is working to help hundreds of social media applications overcome censorship and enable new kinds of content monetization using NFTs and other blockchain-based crypto assets.
“Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” said yoginth.eth, the pseudonymous founder of Lenster, a social media app built using Lens Protocol. “With a user-first foundational architecture, Lens fundamentally changes the landscape of social media platforms and user experiences as we know them today.”
Because decentralized social media products are both data-intensive and demand a high transaction flow, scalability is a major concern. Both of these problems are common in blockchains. Despite the fact that Polygon was intended for higher scalability, it has previously experienced congestion due to games that caused a surge in network activity.
In response to the scalability issue, Kulechov stated that the protocol will explore various Layer 2 options, both on Polygon and Ethereum.
“Eventually many networks such as Polygon (and Ethereum) will scale over L2 networks by inheriting the security from the underlying network. That would be the path for Lens Protocol over the long term once there is sufficient protocol marketfit,” Kulechov told The Block in a statement.
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