Last updated on October 14th, 2022 at 10:39 am
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Aave (AAVE), the decentralized finance lending platform, floats the Lens Protocol ecosystem on the Polygon (MATIC) blockchain as adoption to web 3 decentralised social media grows over centralized social media platforms like Twitter or Facebook.
What started with an open letter to garner support around the idea that content creators should own and control their digital identities, led to developing a Web3-native social network powered by nonfungible tokens (NFTs).
In a Twitter Spaces conversation the company hosted this week, Stani Kulechov, CEO and founder of Aave, described the mission behind Lens Protocol.
“We wanted to build a social media protocol, or essentially a social graph, and make those profiles on-chain, following the relationships on-chain and creating a permissionless way to distribute content between a creator and the audience.”
Kulechov and his developer team dug into the problems with current social media platforms. According to one of the developers who goes by @Zer0dots on Twitter, “We’re people. We’re not products. We’re not numbers nor data points.”
He’s referring to content on users’ feeds, whether it’s a photo on Instagram or a Tweet, that Meta or Twitter can sell as data to marketers. He described how Lens Protocol wants to make the move away from “users being the products” to giving creators enough ownership to choose how their content is distributed.
What is Lens Protocol? the protocol is a user-owned open social graph that any application can plug into. It enables users to create a profile, which is a fully composable NFT. These dynamic NFTs contain the history of all posts, reposts, comments, and other content generated including music, commentary, art, photography and video.
A key difference is that profiles are tied to a wallet address, and owners can choose how to monetize their content. A follower can also collect someone else’s publication and receive a tradable follow NFT.
“And you can choose who gets to collect them,” said @Zer0dots. “You can choose what logic gets executed. Is there is a fee? Is it a bonding curve that is subscription? Or is it only specific addresses you want? There’s so many different options.”
During the Twitter Spaces session, the Aave team also suggested the possibility of turning profiles into a decentralized autonomous organization, or DAO. A follower can opt in to have voting and delegation power over what could be a DAO profile.
About The Author
Tony Chimdiuto 
Nsikanabasi Edet