The decentralized Finance or DeFi lending platform Aave (AAVE) is set to challenge centralized social media platforms like Twitter or Facebook by launching the Lens Protocol ecosystem on the Polygon Blockchain.
This started with an open letter with the description of a Web3-native social network powered by NFTs, which was expected to offer unique digital identities to content creators who can own and control their content and identity.
Stani Kulechov, the CEO and Founder of Aave Companies, hinted about the same in October last year.
— Aave (@AaveAave) October 21, 2021
What is Lens Protocol?
The Lens Protocol is a Web3, permissionless, composable, and decentralized smart contracts-based social network built on the Polygon blockchain. The primary goal of the system is to empower content creators to own and control the relationship between themselves and their community.
The protocol was designed from the bottom up to be modular, facilitating the addition of new features while preserving immutable user-owned content and social interactions.
Users can contribute their data to any application built on top of Lens Protocol since they own it. Kulechov, while talking about the mission behind Lens Protocol, said:
“We wanted to build a social media protocol, or essentially a social graph, and make those profiles on-chain, following the relationships on-chain and creating a permissionless way to distribute content between a creator and the audience.”
1/ Something is blooming… https://t.co/UMUs3qT3SD
— Lens Protocol (@LensProtocol) February 7, 2022
The Aave team also proposed that profiles may be integrated with a decentralized autonomous organization, or DAO, during the Twitter Spaces discussion.
The company aims to replicate real-life social interaction that isn’t influenced by a platform’s ever-changing algorithms and policies.
Recently, as TheCoinRise reported, the Really Simple Syndication or RSS also entered the Web 3 race with the launch of a decentralized information processing platform, RSS3.
For the time being, the Lens Protocol code can be tested on the Polygon Mumbai Testnet. Polygon was chosen as the preferred chain because of its transaction speed and cost-effectiveness, as well as the fact that it is Ethereum Virtual Machine compatible, allowing applications to be deployed on any chain.