Web3 will unite users from social media platforms, says Aave exec

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Web3, the third version of the Internet, is rapidly moving into the consumer mainstream with the promise of disrupting the status quo of digital interactions and creating a new paradigm for democratic engagement.

The Lens Protocol is a decentralized social graph created by Aave with a view to developing a Web3 environment in which manufacturers are the primary point of focus.

Centered around non-fungible tokens (NFTs), Lens hosts capabilities for developers to build social media-compliant applications, as well as analytical tools, integration of decentralized finance (DeFi) functions, such as loans and staking, and user- Governed Decentralized Autonomous Organization (DAO).

The Lens Protocol mission statement was cryptographically signed and supported by several high-profile figures within the crypto and DeFi space, including Ryan Selkis, Ryan Sean Adams, Gamoni, Camila Russo, Andrew Wang and Josh Ong, among others.

During NFT.NYC in June, Cointelegraph sat down with Christina Beltramini, Head of Development and Partnerships at Ave., to discuss Lens’ deliberate growth trajectory on the future of social graph and content creation in the age of Web3.

After working for the likes of JPMorgan and Tidal, Beltramini took on the global business development role of music partnerships on the leading social media platform TikTok in mid-2019.

It was during this time that she saw what she described as an innate lack of autonomy and bureaucratic constraints that TikTok content creators experience when using the platform, especially in the wake of frequent requests to restore accidentally inactive accounts. during.

The development of Web3, along with its intrinsic desire to support the artistic expressions of content creators, was enough to convince Beltramini to contribute towards a decentralized social future.

Over the past few years, the industry has seen the emergence and adoption of digital identity services such as Ethereum Name Service (ENS) Domains, Solana Name Service Domains, and NFT.com. Beltramini shares his thoughts on how the profile aspect of the lens protocol compares and differs from those examples:

“Name services do not connect wallet to wallet or social signals. With ENS, I will know what your wallet is and I will be able to transfer to you, but I will not be able to actually see the connection in your wallet. So, with Lens Also, your profile is an NFT, [and] When you follow someone, that too is NFT. And that’s what ties the association together.”

The profile is one of the main components of the NFT lens model. Issued at an individual’s wallet address, they are intended to serve as a Web3-type headquarters, enabling self-detention of data, the ability to publish authentic pieces of content on-chain, and built-in governance capabilities. The users should create their own DAO.

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Modules and logic functions open up the entire ecosystem of interoperable NFTs. Other users of the platform can receive a FollowNFT for following a profile and CollectNFT for collecting unique pieces of content. Additionally, mirroring enables users to share or essentially reblog content, acknowledging the original owner.

By democratizing user data and attaching NFTs to individual action, Lens draws on the traditional experiences of social media, commerce and digital consumer interaction.

digital roots

The name lens was inspired by the green flowering plant Lens culinaris, whose seeds produce lentils.

Beltramini expressed that this choice of branding was symbolically a conscious, deliberate decision to “own your digital roots” and nurture a ground-up ecosystem that “we cultivate together as a community”. Before saying:

“We are the application layer, and there are many protocols that speak together to create different experiences and applications on the lens, with the community really making the decision and how the protocols will be governed.”

Social concerns about the environmental expense of bitcoin (BTC) mining and NFT mining have led to the decisive behavior of crypto companies seeking to remain at the cultural forefront. The lens protocol was built on the polygon network to naturally focus on the “scalability and environmental” factors, Beltramini said.

She also said that there was already a “deep relationship between the Polygon and AWay companies on the DeFi side” so that “when the protocol was being built a year and a half ago, it was really the only scaling solution.”

social graph

Beltramini notes the concept of social graphs, an interconnected map of connections made by people and mutual friends in a scattered network. An application built within the Lens ecosystem called Cultivator represents this network as an observatory of night-sky constellations.

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Decentralized social media has arguably become a buzzword within Web3 over the years, but according to Beltramini, the approach to the lens incorporates Web3’s most true values ​​and principles.

“We at Aave Companies believe that your social content and network should be a public good, and not be big gaps that take you across different platforms,” she said.

Beltramini also raised the importance of being able to control the privacy parameters of users, maintaining multiple individuals on different platforms on the same social graph. In traditional social media, this would be understood as one type of personality for contacts who work on LinkedIn, while others on Instagram for family and friends.

Emphasizing on the matter of self-custody, she continued, “We will not be using only three platforms. We can use whatever platform we decide to and have the ability to actually exit a platform digitally. ,

“I still have Facebook purely because I have contacts from 10 years ago in college, but not because I align myself with the values ​​of that platform, or because I want to be on Facebook. That’s because My social graph is there. So, we will remove the notion of being tied to a platform just because your social graph is there.”

Lens has so far registered more than 100 applications on its servers. Often, such protocols may have strict application processes or eligibility criteria for developers to have. The lens model has some basic entry points but remains largely open. Beltramini said:

“Right now in Web2, it’s very hard to start a new social application because you essentially have the cold start problem of getting people into the funnel. So, idea [with Lens] is that developers will be able to build more easily for the social graph to spend millions of dollars in experience versus development hacking and CPA [cost per action] Spend.”

The most popular application on Lens at the time of writing is Lenster, a permissionless, decentralized social media that is most comparable to Twitter in terms of its user interface and everyday experience, but is gaining traction as an alternative model in the space. Used to be.

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In theory, Web3 social platforms would give creators a generous amount of autonomy to own and govern their work like never before. Artists and even journalists will not be strictly bound by the forums or publications on which they publish, but will have the opportunity to promote and maintain their communities.

Integrating NFTs enables creators to fully capitalize on data metrics extracted from their profiles, providing their audience with a more tailored, engaging and unique experience, while maintaining the monetization rewards in instances of virality.

Beltramini concluded by saying that “Web3 is going to accelerate different experiences because of its social growth hacking, community building, and open-source nature.”