Stani Kulechov, the founder of Decentralized Finance (DeFi) lending protocol, Aave has spearheaded the emergence of Lens Protocol, an ecosystem that seeks to boost a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.
With many developers putting their hands in the gauntlet towards the establishment of a functional social platform to take on big tech. The Lens Protocol’s design capabilities will help creators build applications to improve user experience rather than scaling. The resident on the Polygon Network takes care of the scaling provisions.
As unveiled by the protocol, the ecosystem will be supported by Non-Fungible Tokens (NFTs), which will enable users to tokenize profile pictures and contents shared on their pages.
“Lens Protocol has familiar social media functions like having a profile, commenting, resharing a post, and more – but unlike social media of the past, Lens Protocol is powered by NFTs, so you own and control all of your content,” one of the tweets reads, “Profile NFTs are the main primitive of the Lens Protocol. These dynamic NFTs are composable, non-custodial & permissionless. Individual addresses can own profile NFTs, an address can have multiple profile NFTs & a profile NFT can be owned & run by a DAO via a multisig wallet!”
To trail a different path from the big tech companies operating a social media platform, the Lens Protocol will incentivize some key actions taking place on the platform, including sharing contents and trading of the tokenized collectables generated on the platform. The Lens Protocol has earmarked a reasonable fund to back developers looking to build applications on the platform.
The Lens Protocol is lifting off with backing from Polygon Network and other Web3.0 name service providers. With Lens Protocol coming to challenge outfits like Jack Dorsey-backed BlueSky, decentralized social finance is billed to be resuscitated with the new crave surrounding NFT and metaverse engagement.
Image source: Blockchain.news