The newest model of Web3 social layer Lens Protocol has been launched, introducing improved performance to help new use circumstances and shared monetization for its rising Web3 person base.
Decentralized Finance (DeFi) agency Aave Firms introduced Lens Protocol v2 on July 17 throughout EthCC in Paris, with the code powering the protocol reworked to allow improved composability, configurability and performance.
Aave and Lens Protocol founder Stani Kulechov advised Cointelegraph that Lens is a decentralized protocol constructed on Polygon that includes a expertise stack that permits builders to construct and deploy Web3 social apps, in addition to permitting Web3 social options to be built-in with present Web2 and cell experiences:
“Our imaginative and prescient is for Lens Protocol to allow all functions to attach seamlessly throughout blockchain and non-blockchain functions, and reward each people and the collective shared community.”
In line with Kulechov, Lens has round 119,000 Web3 customers in its beta, with a prolonged ready checklist. Functions constructed on Lens can leverage this similar viewers, which is a key element of the protocol’s social graph structure.
The protocol gives an alternative choice to standard Web2 networks and their centralized database fashions, which rule out portability. As Lens’ core documentation particulars, Web2 platforms struggle a zero-sum recreation for person consideration, with one’s acquire equaling one other’s loss.
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Lens Protocol permits customers to personal and carry private information throughout linked or built-in functions. Kulechov added that Lens is designed to allow human engagement throughout the web whereas benefiting contributors and the broader ecosystem:
“We’re nonetheless within the early days of Web3 social. Lens has been working with builders and content material creators to draw them to develop client apps and publish content material on Lens.”
Kulechov stated that it’s historically tough for brand new social platforms to compete with incumbents for viewers and funding. Lens intends to take away some danger related to the “chilly begin” drawback that builders face, with ecosystem apps sharing the identical Web3 viewers.
He added that the not too long ago launched Threads is an instance of how Instagram leveraged its present viewers to draw them to a brand new app that competes with Twitter.
“By using their built-in Instagram customers, Threads demonstrated the ability of shared social networks when launching a brand new app. Solely, on this case, the shared community is closed — permitting solely Meta apps to learn.”
V2 of the protocol is predicted to ship extra methods to share worth, permitting customers to decide on particular algorithms and transfer freely between communities and functions. For Kulechov, the prospect of recent social experiences constructed on Lens stays a predominant draw card because the protocol’s shared person base permits new apps or integrations to leverage the present community.
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Kulechov additionally harassed that Lens shouldn’t be designed to be a “front-end” app however somewhat a shared community protocol that fingers worth again to customers, creators and builders.
“Lens makes use of blockchain, sensible contracts, decentralized storage and NFTs to reimagine social networks which can be open and numerous, providing various kinds of experiences and communities.”
The likes of Unstoppable Domains and the Ethereum Title Service have pushed the uptake of Web3 decentralized domains that act as self-custodial digital identities and human-readable wallets over the previous two years.
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