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According to a media statement, more than 50 applications have debuted on Lens Protocol. These include Lenster, Lens Booster, SpamDAO, GoldenCircle, PeerStream, Swapify, Social Link and others.
The developers of the popular Aave credit protocol first introduced Lens in February 2022. Lens is a software stack that allows developers to create decentralized competitors to social media giants such as Twitter and Facebook (social networks are blocked in the territory of the Russian Federation, owned by Meta – the company is recognized as extremist in the territory of the Russian Federation). The idea behind Lens Protocol is to create a platform that helps decentralize ownership of content and user accounts using the blockchain network.
Instead of traditional social media accounts that rely on email IDs and a unique username, Lens Protocol uses crypto addresses and NFT for authentication and monetization purposes. This setting allows users, rather than a centralized company, to control the content and personal data associated with accounts.
Centralized social media platforms are often criticized for deleting user accounts without explanation. Recently, Aave CEO Himself, Stani Kulekhov, faced such a suspension. In April, Kulechaw’s account was suspended due to a joke published by him about “joining Twitter (the social network is blocked in the territory of the Russian Federation, belongs to meta – the company is recognized as extremist in the territory of the Russian Federation) as an interim general director.” After his account was restored, Kulekhov said that similar actions on the part of social media giants prompted Aave to work on lens Protocol.
“The experience of working with social networks over the past decade has not changed much and this is largely due to the fact that your content belongs exclusively to the company that blocks your social network on one platform,” Kulekhov said at today’s presentation.
As such, Lens is trying to provide censorship resistance for hundreds of social media apps and help them discover new forms of content monetization with NFT as well as other blockchain-based crypto assets.
“The creation of the Web3 social media platform on Lens Protocol has opened up new opportunities for our development team and users,” yoginth said. eth, the pseudonym of the founder of Lenster, a social media application built using the Lens Protocol. “With its basic user-centric architecture, Lens is fundamentally changing the landscape of social media platforms and the user experience as we know them today.”
Lens will use Layer 2 scalability
Scalability is a big concern for decentralized social networks, as such products require large amounts of data and high transaction throughput. Blockchains typically struggle for both of these issues. Even though Polygon was designed for greater scalability, in the past it still faced congestion due to games that led to a spike in online activity.
In response to a question of scalability, Kulekhov said the protocol will explore other Layer 2 solutions, both on Polygon and Ethereum, to meet scaling requirements.
“Eventually, many networks, such as Polygon and Ethereum, will scale on top of L2 networks, inheriting the security of the underlying network. This will be the path for Lens Protocol in the long term, as soon as the protocol market is sufficient,” Kulekhov said.
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