Aave Launches Web3, Smart Contracts-Based Social Media Platform Built on Polygon

Aave, a decentralized finance (defi), lending platform, has announced the launch of the Lens Protocol, a Web3 social media platform. The team claims that Lens is a Web3, smart contract-based social graph built with the Polygon blockchain.

Defi Project Aave Drops The Lens Protocol. Platform’s Intent is to ‘Empower Creators To Own the Links Between Themselves and Their Community’

Decentralized social media has been a key feature for many cryptocurrency enthusiasts for a long time. Although it is clear that social media platforms can leverage crypto assets to allow contributors to use micro-payments for their contributions, blockchain can also serve as a decentralized version censorship-resistant social network ownership. Aave, a defi lending project, announced the launch of Lens Protocol on February 8. This Web3 social media platform uses the proof-ofstake (PoS), network Polygon.

The dev team that brought you the Aave Protocol introduced @Lensprotocol. It’s time to own your digital rootsRead the full thread to learn more https://t.co/5FR1nfj9Vv

— Aave (@AaveAave February 7, 2022

In a blog post, Aave explains that the Web3 Lens Protocol was “built from scratch with modularity in mind. This allows for new features while maintaining immutable user content and social relationships.”

Aave’s Lens Protocol Introduction Post adds:

Because users are the true owners of their data, they have the ability to bring it to any Lens Protocol-based application. Creators are now the true owners and can bring their content to any application that uses Lens Protocol. This means they no longer have to worry about their audience or livelihood being affected by the policies and algorithms of individual platforms. Each application that uses the Lens Protocol benefits everyone in the ecosystem, making the zero-sum game a cooperative one.

Lens Protocol for Feature Profile NFTs and IPFS Support, Social Based Verification

There have been many attempts over the years to integrate blockchain tech and micropayments into social media. There are many platforms like Memo.cash and Hive. Steemit, Mediachain. Fluz Fluz. Peepeth. Minds. Society2. And Civil. Aave’s Lens Protocol will include a variety of features, including NFT (non-fungible token) technology. The Lens Protocol’s main feature will be Profile NFTs. NFT profiles can also be used.

Aave states that the platform will be able to publish the Inter-Planetary File System, (IPFS), and other media types. Lens Protocol users will have the ability to download publications and re-share them with a mirror function. Aave’s blog posts details how you can amplify content and earn a cut from everyone who shares the original content. Aave also stated that Lens Protocol will use “fair launch mechanics” and will have social-based verification.

Aave’s Lens Protocol runs on Polygon’s Mumbai testnet at the time of writing. The platform has also been audited and approved by Peckshield. Lens Protocol is open-source and Aave is seeking developers to help. It has also launched a bug bounty.