The latest version of Web3 social layer Lens Protocol has been released, introducing improved functionality to support new use cases and shared monetization for its growing Web3 user base.
Decentralized Finance (DeFi) firm Aave Companies announced Lens Protocol V2 on July 17 during EthCC in Paris, with the code powering the protocol reworked to enable improved composability, configurability and functionality.
As Aave and Lens Protocol founder Stani Kulechov told Cointelegraph, Lens is a decentralized protocol built on Polygon featuring a technology stack that allows developers to build and deploy Web3 social apps, as well allowing Web3 social features to be integrated with existing Web2 and mobile experiences:
“Our vision is for Lens Protocol to enable all applications to connect seamlessly across blockchain and non-blockchain applications, and reward both individuals and the collective shared network.”
According to Kulechov, Lens has around 119,000 Web3 users in its beta which also has a lengthy waiting list. Applications built on Lens can leverage this same audience, which is a key component of the protocol’s social graph architecture into which applications plug.
The protocol provides an alternative to conventional Web2 networks and their centralized database models which rule out portability. As Lens’ core documentation explores, Web2 platforms fight a zero-sum game for user attention, with one’s gain equaling another’s loss.
Related: Web3 social media protocol launches scaling solution to provide instant posts
Lens Protocol allows users to own their personal data and carry it across connected or integrated applications. Kulechov added that Lens is designed to enable human engagement across the internet while benefiting contributors and the wider ecosystem:
“We are still in the early days of web3 social. Lens has been working with builders and content creators to attract them to develop consumer apps and publish content on Lens.”
Kulechov said that it’s traditionally difficult for new social platforms to compete with incumbents for audience and funding. Lens intends to remove some risk associated with the “cold start” problem that developers face, with ecosystem apps sharing the same Web3 audience.
He added that recently launched Threads is an example of how Instagram leveraged its existing audience to attract them to a new app that competes with Twitter.
“By utilizing their built-in Instagram users, Threads demonstrated the power of…
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