Shared Web3 user base can enable new social app integrations – CEO of Aave

The latest version of the Web3 Social Layer Lens protocol has been released, with enhanced functionality to support new use cases and revenue sharing for the growing Web3 user base.

Decentralized finance (DeFi) firm Aave Companies announced Lens Protocol v2 on July 17 at EthCC in Paris, reworking the code that powers the protocol to enable improved composability, configurability and functionality.

Stany Kulechov, founder of Aave and Lens Protocol, told Cointelegraph that Lens is a decentralized protocol built on Polygon with a technology stack that allows developers to build and deploy Web3 social apps, as well as integrate Web3 social features with existing Web2 apps. and mobile experience:

“Our vision is that the Lens Protocol enables all applications to seamlessly connect between blockchain and non-blockchain applications, benefiting individuals as well as collective shared networks.”

Lens has about 119,000 Web3 users in its beta, according to Kulechov, with a long waiting list. Apps built on Lens can take advantage of similar audiences, which is an important part of the protocol’s social graph architecture.

The protocol provides an alternative to traditional Web2 networks and their centralized database models, which prevent portability. As the Lens Core document points out, Web2 platforms fight a zero-sum game for user attention, where one’s gain equals the other’s loss.

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The Lens Protocol allows users to own and transport personal data through connected or integrated applications. Kulechov said Lens is designed to enable human engagement on the web while benefiting contributors and the wider ecosystem:

“We are still at the beginning of Web3 Social. Lens is working with builders and content creators to engage them in developing consumer apps and publishing content on Lens.

Kulechov said it has traditionally been difficult for new social platforms to compete with existing ones for audience and funding. Lens is intended to remove some of the risk associated with the “cold boot” problem faced by developers where ecosystem apps share the same Web3 audience.

He said the recently launched Threads is an example of how Instagram used its existing audience to attract attention to a new app competing with Twitter.

“Using their built-in Instagram users, Threads demonstrated the power of the shared social network while launching a new app. Only in this case is the shared network locked down so that only meta apps can take advantage of it.”

V2 of the protocol is expected to provide more ways to share value, allowing users to choose specific algorithms and move freely between communities and applications. For Kulechov, the potential for new social experiences based on Lens remains a key asset, as the protocol’s shared user base allows new apps or integrations to take advantage of existing networks.

Related: Unstoppable Domains Adds .eth Domains Through Ethereum Name Service

Kulechov also emphasized that Lens is not designed as a “front-end” app, but as a shared network protocol that returns value to users, creators, and developers.

“Lens leverages blockchain, smart contracts, decentralized storage and NFTs to re-imagine a social network that provides an open, diverse and diverse experience and community.”

Others, including Unstoppable Domains and Ethereum Name Service, have over the past two years led the way in the adoption of decentralized Web3 domain names that act as self-custodial digital identities and human-readable wallets.

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