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Aave launches alternative social network for Web3

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The developers behind cryptocurrency platform Aave have announced the launch of a Web3-centric, NFT-powered social networking platform that aims to be an alternative to traditional social media platforms.

Called Lens Protocol, the platform aims to be an alternative to Facebook, Instagram, TikTok, among other centralized social networking applications.

However, Lens Protocol is not itself a social network. Rather, it is an open source platform that allows developers to build Web3-based social media apps, marketplaces, and recommendation algorithms.

Thus, the new platform would be a kind of “WordPress” of social networks, allowing developers to use its tools to build their own platforms based on the base infrastructure of Lens Protocol.

“Social media has remained relatively unchanged over the past decade due in part to user content being owned by a company,” Aave CEO Stani Kulechov said in a statement.

Web3 social network

According to Kulechov, Elon Musk’s offer to buy Twitter shows that people have no control over their data and social media platforms. In other words, they need a new experience.

“Lens will be the infrastructure that will usher in the golden age of Web3 applications. For the first time since the internet was born, people can finally own their accounts and all their content without intermediaries.” he said.

Furthermore, he pointed out that the protocol allows each user’s followers, community and content to be linked to their NFT profile. In this way, they can be transferred to any application developed by Lens.

In practice, the company is not the owner of the data, but it is the smart contract linked to the NFT that will record the information that can be ‘taken’ to any other platform built on the basis of Lens.

“Lens open letter signatories will be able to create their profile to start interacting with the first protocol-based applications. About 50 apps have been built on Lens so far, including social apps and creator monetization tools,” the company said.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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