Aave posts Twitter competitors on Polygon

Lens protocol or. Lens Protocol is a social media platform that rivals centralized giants like Twitter. The special thing? It is powered by NFTs.

Big news at Aave

Aave’s new blockchain technology, Lens Protocol, implemented in Polygon, enables a next-generation platform for social media applications. With a unique digital economy, Lens Protocol can power a range of potential social media apps and services while providing a digital rights management framework that allows users to securely share content.

Aave has launched the Web3 Browser Lens Protocol, a data-driven platform based on NFTs that puts users in control of their personal data.

What is the lens protocol?

Lens Protocol uses blockchain technology to create a decentralized content management system for publishing and consuming images, text, and videos. Unlike centralized social media platforms, Lens Protocol is designed to be accountable to users by allowing them to own their own content rather than relying on one company to own everything.

In addition, the Lens Protocol makes it possible to create, own and manage virtual objects on the blockchain. It is based on Polygon, a lateral scaling solution for Ethereum, the leading blockchain platform for dapps and NFTs. The Lens protocol enables faster, cheaper, and less power-consuming transactions than the Ethereum mainnet, making it more viable for a social network built on a large number of NFT assets.

Social media is the perfect application for blockchain

Social media is a boon for community members as it gives them a direct channel to express their thoughts and opinions. Blockchain technology can transform social media into an application that allows users to own, control, and benefit from their own content.

Platforms and ecosystems aimed at enabling blockchain-based social networks have not yet reached the level of giants like Twitter and Facebook. However, a notable example is Minds, which says it will have a total of 14 million users by June 2021.

Aave’s plans to launch a competing social media platform on the Ethereum blockchain have been put on hold for the time being, but the decentralized reputation protocol Polygon is still up and running. CEO Aave Kulechov said:

We believe that content creators should own their audiences in an unauthorized way, as anyone can create new user experiences using the same social graph and data series.

The Lens Protocol and Bluesky

Lens is a next generation protocol for social media content. Based on the NFT standard, Lens allows users to create their own unique profile that can be shared across different platforms. This not only allows you to store your identity and information, but also allows you to interact with others.

Bluesky is a decentralized social media protocol designed to solve the problem of buying and selling user data. While Bluesky is still in its infancy, Twitter has already begun working with the project, and reports say it could lead to an entirely new way of looking at social media.

Status pending from Twitter and Musk

The potential acquisition of Elon Musk’s car and aerospace group Twitter has kept the media in suspense around the world. The billionaire businessman has reportedly offered to buy the company for a total of $44 billion.

Last week, Musk tweeted that the deal was temporarily on hold while he was investigating the spread of spam accounts on the platform. Members of Project Bluesky have stated that Musk’s potential deal will not affect their work.

By the way, recently Kulechov was temporarily banned from Twitter for joking that he would become the temporary CEO of the platform after the proposed acquisition by Musk.

Eva Steinmetz shows a keen interest in the topics of cryptocurrency, tokens, and artificial intelligence to improve existing systems, such as real estate or the financial sector. In this context, there is a focus on changes in cryptocurrency regulations around the world.

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