Shared Web3 userbase could power new social app integrations - Aave CEO

The latest mentation of Web3 societal furniture Lens Protocol has been released, introducing improved functionality to enactment caller usage cases and shared monetization for its increasing Web3 idiosyncratic base.

Decentralized Finance (DeFi) steadfast Aave Companies announced Lens Protocol V2 connected July 17 during EthCC successful Paris, with the codification powering the protocol reworked to alteration improved composability, configurability and functionality.

As Aave and Lens Protocol laminitis Stani Kulechov told Cointelegraph, Lens is simply a decentralized protocol built connected Polygon featuring a exertion stack that allows developers to physique and deploy Web3 societal apps, arsenic good allowing Web3 societal features to beryllium integrated with existing Web2 and mobile experiences:

“Our imaginativeness is for Lens Protocol to alteration each applications to link seamlessly crossed blockchain and non-blockchain applications, and reward some individuals and the corporate shared network.”

According to Kulechov, Lens has astir 119,000 Web3 users successful its beta which besides has a lengthy waiting list. Applications built connected Lens tin leverage this aforesaid audience, which is simply a cardinal constituent of the protocol’s social graph architecture into which applications plug.

The protocol provides an alternate to accepted Web2 networks and their centralized database models which regularisation retired portability. As Lens’ core documentation explores, Web2 platforms combat a zero-sum crippled for idiosyncratic attention, with one's summation equaling another's loss.

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Lens Protocol allows users to ain their idiosyncratic information and transportation it crossed connected oregon integrated applications. Kulechov added that Lens is designed to alteration quality engagement crossed the net portion benefiting contributors and the wider ecosystem:

“We are inactive successful the aboriginal days of web3 social. Lens has been moving with builders and contented creators to pull them to make user apps and people contented connected Lens.”

Kulechov said that it's traditionally hard for caller societal platforms to vie with incumbents for assemblage and funding. Lens intends to region immoderate hazard associated with the “cold start” occupation that developers face, with ecosystem apps sharing the aforesaid Web3 audience.

He added that precocious launched Threads is an illustration of however Instagram leveraged its existing assemblage to pull them to a caller app that competes with Twitter.

“By utilizing their built-in Instagram users, Threads demonstrated the powerfulness of shared societal networks erstwhile launching a caller app. Only, successful this case, the shared web is closed — allowing lone Meta apps to benefit.”

V2 of the protocol is expected to present much ways to stock value, allowing users to take circumstantial algorithms and determination freely betwixt communities and applications. For Kulechov, the imaginable of caller societal experiences being built connected Lens remains a main gully paper arsenic the protocol’s shared idiosyncratic basal allows caller apps oregon integrations to leverage the existing network.

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Kulechov besides stressed that Lens is not designed to beryllium a “front end” app but alternatively a shared web protocol that hands worth backmost to users, creators and developers.

“Lens utilizes blockchain, astute contracts, decentralized retention and NFTs to reimagine societal networks that are unfastened and diverse, offering antithetic types of experiences and communities.”

The likes of Unstoppable Domains and Ethereum Name Service have driven the uptake of Web3 decentralized domain names that enactment arsenic self-custodial integer identities and human-readable wallets implicit the past 2 years.

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