Lens Protocol, the social media network protocol, has unveiled its highly anticipated second edition, bringing forth an array of new features that aim to revolutionize the Web3 and decentralized finance (DeFi) landscape.
Introducing Lens Protocol V2 pic.twitter.com/4GW3WOP0uB
— Lens Protocol (@LensProtocol) July 17, 2023
Initially launched on the Polygon network in May 2022, Lens Protocol serves as a decentralized social media layer, facilitating the creation of social media platforms. It leverages non-fungible tokens (NFTs) and on-chain data to enable the storage of social media activity in a decentralized manner.
In a significant development, this protocol recently announced a successful $15 million investment round led by IDEO CoLab Ventures. The team is also actively working on scaling solutions for a blockchain called Momoka, designed to store social media transaction data off-chain and verify it on-chain.
Key Features of Lens Protocol Version 2
With the unveiling of its Version 2, Lens Protocol introduces significant improvements and creates new opportunities in the realm of decentralized social media and finance. The project stands as a pioneering force in the Web3 space, shaping the future of blockchain technology.
One of the standout features of Version 2 is Open Actions, which establishes direct links between Lens social interactions and rich on-chain activities. This integration reduces fragmentation on and off the chain, providing users with a seamless experience. For example, users can now mint NFTs directly on the Lens Protocol platform without the need for external links.
It also introduces a groundbreaking concept of shared collective value, revolutionizing the traditional economic model for creators. Within the overall content transmission chain, each link can receive value feedback from multiple stakeholders. Creators, end-users, algorithms, and collections can interact and share value with one another.
Moreover, Version 2 introduces the Open Namespace feature, granting users ownership of domain names associated with various communities and decentralized autonomous organizations (DAOs) on the blockchain. The reduced cost of domain name issuance contributes to a vibrant Lens ecosystem, fostering projects related to decentralized identity management (DID).
Additionally, Version 2 incorporates the ERC-6551 standard and a multi-signature one-profile feature. With successful development, this protocol aims to become the go-to platform for future Social+ applications.
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Conclusion
The release of Version 2 brings notable improvements and opens up new derivative opportunities in the realm of decentralized social networks and finance. Presently, this protocol stands as one of the leading Web3 social networks, shaping the future of blockchain technology.
As the Lens Protocol community continues to grow, it reinforces the commitment to fostering a more inclusive and collaborative social ecosystem, powered by the potentials of blockchain technology.
Disclaimer: The information in this article is not investment advice from CryptoChill. Overall, cryptocurrencies always carry many financial risks. Therefore, do your own research before making any investment decisions based on this website’s information.
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