Ethereum's decentralized protocol, Aave, is developing a new initiative called Lens Protocol, with which it seeks to promote the creation of decentralized social networks.
Lens Protocol is a protocol of decentralized social networks developed by Aave to promote the creation of new digital networks and platforms native to Web3, the new decentralized Internet owned by users.
Lens Protocol Developers explain It is a decentralized, composable, permissionless social protocol that will facilitate the creation of completely open social media platforms that can connect millions of people and organizations to share content, interests, values, and more with each other.
The new protocol, developed in collaboration with Polygon Network and other Web3-focused infrastructure and service providers, will use non-fungible tokens or NFT to guarantee the property rights of each of its users, while allowing the monetization of native content created within the new social networks and platforms.
With this protocol, Aave follows in the footsteps of Sky Blue, the decentralized social network promoted by Jack Dorsey, and challenges the supremacy of highly centralized giants such as Facebook, Instagram and Twitter.
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Lens Protocol, sovereignty and digital property
Through Lens Protocol, Aave aims to give power and control over content and identity back to users. Currently, Aave, a decentralized lending protocol native to Ethereum and with implementations on other blockchains such as Polygon, is the third protocol with the highest liquidity available within the decentralized finance ecosystem (DeFi), according to the data from the DeFi platform Llama.
Lens Protocol wants to facilitate the creation of new Web3 social platforms to provide new digital experiences focused on users, so that they can regain ownership of their digital roots thanks to the possibilities that technology allows. blockchain and NFTs.
Posts and content as NFTs
In a thread on Twitter, the developers of Lens Protocol explained that social networks or platforms built on this new protocol will be able to offer a user experience similar to that known on current social networks, but with the big difference that users will be the sole and absolute owners of their content through NFTs. Therefore, they will be able to control and manage their content and publications in the way they prefer, without permissions and without censorship.
Lens Protocol has familiar social media features that will allow you to have a profile, make comments, save or share posts, follow other users, and much more. All of this through NFTs, the developers explain.
The decentralized social media protocol notes that blockchain technology, NFTs, and Web3 open the doors to new opportunities and utilities for social media. Social platforms built on Lens Protocol will be able to integrate NFT profiles, whose management and administration can be in the hands of their members through the DAOs (Decentralized Autonomous Organizations). It will also be possible to integrate unique features or different levels of rarity into user profiles thanks to non-fungible tokens, among other things.
Web3 focused tools
The new tools and features offered by Lens Protocol are based on the need to protect digital identity and defend the property rights of users within popular social networks. The developers specify that this protocol will allow the creation and development of social applications, analysis platforms, verification systems, DAO tools and much more.
In addition to this, Aave also develops other initiatives, such as Aave Pro, which seeks to promote institutional entry into DeFi and provide greater value and utility to investors within the decentralized ecosystem.
Continue reading: Aave leads DeFi on Ethereum with over $15.000 billion in liquidity
