The latest version of the Web3 Social Layer Lens Protocol has been released, featuring enhanced functionality to support new use cases and shared monetization for its growing Web3 user base.
Decentralized finance (DeFi) firm Aave Companies announced lens protocol V2 on July 17 during EthCC in Pariswith the code that powers the protocol reworked to allow for better composability, configurability, and functionality.
As founder of Aave and Lens Protocol Stani Kulechov He told Cointelegraph, Lens is a decentralized protocol built on Polygon that features a technology stack that allows developers to build and deploy Web3 social applications, as well as allowing Web3 social features to integrate with existing Web2 and mobile experiences:
"Our vision is for the Lens Protocol to enable all applications to seamlessly connect across blockchain and non-blockchain applications, and reward both individuals and the collective shared network."
According to Kulechov, Lens has around 119,000 Web3 users in its beta version, which also has a long waiting list. Lens-based applications can take advantage of this same audience, which is a key component of the protocol. social graph architecture in which applications connect.
The protocol provides an alternative to conventional Web2 networks and their centralized database models that rule out portability. like lens' basic documentation explores, Web2 platforms fight in a zero-sum game for user attention, with one's gain equaling another's loss.
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Lens Protocol allows users to own their personal data and transport it through connected or embedded applications. Kulechov added that Lens is designed to enable human participation on the internet while benefiting contributors and the broader ecosystem:
โWe are still in the early days of web3 social. Lens has been working with builders and content creators to entice them to develop consumer apps and publish content on Lens.โ
Kulechov said that it is traditionally difficult for new social platforms to compete with incumbents for viewership and funding. Lens is intended to eliminate some of the risks associated with the "cold start" issue developers face, with ecosystem apps sharing the same Web3 audience.
He added that the recently launched Threads is an example of how Instagram leveraged its existing audience to attract them to a new app that competes with Twitter.
โUtilizing its built-in Instagram users, Threads demonstrated the power of social sharing by launching a new app. Only, in this case, the shared network is closed, allowing only the Meta applications to benefit.โ
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 to be built into Lens remains a major draw, as the protocol's shared user base allows for new apps or integrations to take advantage of the existing network.
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Kulechov also emphasized that Lens is not designed to be a "front-end" application, but rather a shared network protocol that returns value to users, creators, and developers.
โLens uses blockchain, smart contracts, decentralized storage, and NFTs to reimagine open and diverse social networks, offering different types of experiences and communities.โ
the likes of unstoppable domains and Ethereum Name Service have driven the adoption of decentralized Web3 domain names that act as self-custodial digital identities and human-readable wallets in the last two years.
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