Wednesday, July 24, 2024

Lens Protocol, a Web3 social networking platform, is launched by Aave

Aave is a decentralized finance (DeFi) protocol that facilitates the borrowing and lending of cryptocurrency. The platform launched its Web3 social networking platform, Lens Protocol, on the Polygon (MATIC) blockchain to compete with social media giants like Facebook and Twitter. Initially, it was just an open letter to gather support for the idea that modern-day content creators should be able to own and have control over their digital identities. However, it eventually grew to become a notable social network that’s powered by NFTs.

Founder and CEO of Aave, Stani Kulechov, said that he, along with his developer team, wanted to create a social media protocol or a social graph that would make digital profiles of content creators a part of the blockchain. Also, the Lens Protocol aims to provide a permissionless, more seamless way for content creators to distribute their content amongst their audience. In essence, the protocol aims to give content creators ownership and control over their content distribution process.

With the help of Aave’s Lens Protocol, users can create a profile powered by fully composable, dynamic NFTs. These digital assets contain a repository of creators’ posts, reposts, and other content, such as commentary, music, art, video, and photography. The difference, however, is that these profiles are connected to a crypto hardware wallet. Users can choose the way to capitalize their content. The protocol works great because it allows followers to collect a publication of someone else and get a tradable NFT for it. Through the Lens Protocol, Aave seeks to echo real-life social interactions that are not tied to a social platform’s dynamic algorithms and content policies.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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