Lens Protocol is a social networking product based on blockchain technology, which received a lot of attention when the founder of the project, Stani Kulechov, is also the founder of Aave (AAVE). The leading lending platform on Ethereum.
Lens is an open-source social graph that allows developers to launch Web3-ready social media platforms and profiles. It is built on Polygon blockchain and works to enable creators to take ownership of their content wherever they go in a Web3 environment.
This platform was created with the desire to overcome the disadvantages of Web2 social networks: all records, data, and connections are stored in a centralized manner, not owned by the user but belonging to the user ownership of the operating company.
Mechanism
First, the user needs to create and publish his/her personal profile. The record will exist as 1 NFT. Therefore, each profile is unique and under the complete control of the user.
After creating a profile, users can perform tasks on social networks such as placing avatars, posting articles, commenting, or sharing other articles… All tasks are tokenized into NFTs. Example: When a user follows a profile, there will be an NFT-Follow created in the form of NFT ERC-721, representing that tracking.
Module
The module is the core operating mechanism of Lens. Each module is an independent smart contract, managed based on a whitelist, following a specific interface. There will be 3 main types of modules on Lens:
The way these modules work is also quite simple. Each profile will include in it a follow module, making sure to manage your followers. Each user-made post will include a collect module combined with a reference module to ensure your post is recognized, posted on social networks and can be interacted with by others.
Building on blockchain technology, Lens Protocol aims to build a social platform with 2 outstanding features:
This is completely different from the direction of centralized social networks like Facebook, Twitter… So if successful, it can create a new trend in the market.
Currently, the project has not had any announcements about the issuance of tokens. However, Lens Protocol aims to create a social network while giving users the right to make money from social networks, so I believe the project will have a plan to launch a token in the near future. Take advantage of the product experience during this time to receive retroactively.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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