DeFi is a well-liked lending protocol. Aave is taking a special strategy with its newest Web3 mission, Lens Protocol, a decentralized social graph that leverages NFT belongings to energy social media networks, which was introduced right now.
Whereas Lens Protocol appears to be like to be aimed in opposition to centralized social media networks corresponding to Twitter, it takes a singular strategy. It primarily permits customers to personal their materials by placing it in a crypto pockets as NFTs—distinctive blockchain-based tokens. Anybody can construct on the protocol as a result of it may be touched by quite a lot of apps and companies.
Lens Protocol relies on Polygon, an Ethereum sidechain scaling answer for decentralised purposes (dapps) and non-fungible tokens (NFTs). Polygon permits transactions which are faster, cheaper, and fewer energy-intensive than Ethereum’s mainnet, making it extra possible for a social community based mostly on a doubtlessly large variety of NFT belongings.
Social media is seen as an ideal use for blockchain expertise, because it permits for censorship-resistant platforms that permit people to personal, management, and revenue from their very own materials.
Bloom into a brand new period of social 🌿 Lens Protocol is prepared so that you can construct the subsequent gen of social media apps. The backyard is open… https://t.co/bhzgxs9JFt pic.twitter.com/m2IqtIfb7P
— LensProtocol.lens 🌿 (@LensProtocol) May 18, 2022
Though Ethereum-based Minds, which claimed to have 14 million whole members as of June 2021, such platforms have but to succeed in the scale of behemoths like Twitter and Fb.
“Since [Square CEO and then-Twitter CEO Jack Dorsey] goes to create Aave on Bitcoin, Aave ought to construct Twitter on Ethereum,” Aave founder and CEO Stani Kulechov mentioned in a tweet final June.
It wasn’t a passing comment: Aave did begin engaged on a decentralized social community competitor however ultimately selected Polygon over Ethereum’s mainnet.
In line with Kulechov, “we expect that content material producers ought to management their audiences in a permissionless method, the place anyone might assemble new consumer experiences using the identical on-chain social community and information.”
Aave is a decentralized finance (DeFi) system that permits customers to lend and borrow bitcoin and real-world belongings (RWAs) with out using a intermediary. They acquire curiosity once they lend and pay curiosity once they borrow. Aave was developed on prime of the Ethereum community, and all the tokens on the community, referred to as ERC20 tokens, use the Ethereum blockchain to finish transactions. Aave has subsequently prolonged to incorporate Avalanche, Fantom, and Concord, amongst others.
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