Lens Protocol is a social graph that allows developers to launch web3-ready social media platforms and users to create metaverse-ready profiles.
What is Lens Protocol?
Lens Protocol is a social networking product based on blockchain technology, which received a lot of attention when the founder of the project, Stani Kulechov, is also the founder of Aave (AAVE). The leading lending platform on Ethereum.
Lens is an open-source social graph that allows developers to launch Web3-ready social media platforms and profiles. It is built on Polygon blockchain and works to enable creators to take ownership of their content wherever they go in a Web3 environment.
This platform was created with the desire to overcome the disadvantages of Web2 social networks: all records, data, and connections are stored in a centralized manner, not owned by the user but belonging to the user ownership of the operating company.
How Lens Protocol works
Mechanism
First, the user needs to create and publish his/her personal profile. The record will exist as 1 NFT. Therefore, each profile is unique and under the complete control of the user.
After creating a profile, users can perform tasks on social networks such as placing avatars, posting articles, commenting, or sharing other articles… All tasks are tokenized into NFTs. Example: When a user follows a profile, there will be an NFT-Follow created in the form of NFT ERC-721, representing that tracking.
Module
The module is the core operating mechanism of Lens. Each module is an independent smart contract, managed based on a whitelist, following a specific interface. There will be 3 main types of modules on Lens:
- Follow module: contains links to profiles and logic that will be performed when a user follows a profile.
- Collect module: this is a module for collecting articles online.
- Reference module: modules for commenting and interacting with posts.
The way these modules work is also quite simple. Each profile will include in it a follow module, making sure to manage your followers. Each user-made post will include a collect module combined with a reference module to ensure your post is recognized, posted on social networks and can be interacted with by others.
The difference of Lens Protocol
Building on blockchain technology, Lens Protocol aims to build a social platform with 2 outstanding features:
- Decentralized: data will not be controlled by any 3rd party.
- User-oriented: users can make their own decisions about the exploitation and sharing of their personal data, thereby making money through social networks.
This is completely different from the direction of centralized social networks like Facebook, Twitter… So if successful, it can create a new trend in the market.
Project Token
Currently, the project has not had any announcements about the issuance of tokens. However, Lens Protocol aims to create a social network while giving users the right to make money from social networks, so I believe the project will have a plan to launch a token in the near future. Take advantage of the product experience during this time to receive retroactively.
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.
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