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Aave launches protocol for decentralized social media based on NFTs

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The team behind one of the largest decentralized finance (DeFi) platforms Aave announced the launch of the testnet for its NFTs-based social media protocol.

The Lens Protocol, as it was called, is described as a “permissionless, combinable and decentralized social graph that makes it easy to build a Web3 social platform”.

According to a “thread” posted by Aave on Twitter, Lens Protocol has familiar social media functions. That is, users can have a profile, comment, share a post, among other things.

However, unlike “traditional” social media, the Lens Protocol is powered by NFTs. Thus, the user has the power to own and control all its content.

“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!”, published the platform.

NFT-based social media

In addition, when the user follows someone on the social network, he receives a follow-up NFT. As highlighted by Aave,Every one of these NFTs has a unique token ID that comes with rarity and utility.

These unique features can be used to limit voting to the most loyal fan followers. At the same time, NFTs can also be traded on an open market.

Users can also create “content mirrors”, something similar to the retweet system on Twitter.

While publishing data is stored on-chain, the protocol will also support IPFS hosting for the off-chain storage of large files such as videos, music, and images.

The protocol is open source for the community to build on.

Also according to the project’s official Twitter account, Lens is available on the Polygon Mumbai testnet, with plans for an alpha mainnet launch at a date to be announced.

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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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