Lens Protocol
Lens Protocol is a composable, decentralized social graph on the Polygon proof -of-stake (PoS) blockchain allowing creators to control their content and data. [1]
Lens is a decentralized social network with a low carbon footprint and a web3 team. The protocol allows users to retain ownership of their profiles and content, set up DAO accounts, monetize content, and transfer data. [1]
History
Stani Kulechov[3], founder and CEO of Aave, created Lens Protocol based on discussions regarding the significance of digital identity control. Kulechov has expressed criticism of the way Web 2.0 social media platforms handle user data, restrict user content, and determine what information they view.
Stani Kulechov discussed the evolution and revolution of the social media ecosystem at LisCon in 2021, and the team posted an open letter on the 20th of January, 2022 citing the problem of companies owning and monetizing their users’ content. The letter described Web 2.0 social media platforms as antiquated, centralized systems, and proposed Web3 as a potential solution to give users control over their profiles and content. [26]
Lens Protocol was made available on Polygon’s Mumbai testnet on 7th February 2022 and transitioned to Polygon Mainnet on the 18th of May 2022. Prior to going live on the Mainnet, the platform underwent a PeckShield audit and was open to community scrutiny and bug reports. The code can be accessed via Github[2].
The name Lens comes from the Lens Culinaris, a tall, branched plant with pods of lens-shaped, small lentils. It has a symbiotic relationship with certain soil bacteria. If the roots are left in the ground, they will provide a source of nitrogen for their neighbor. Similarly, Lens protocol is a composable and decentralized social graph which lets creators take ownership of their content wherever they go in the digital garden of the decentralized internet. [1]
On June 8, 2023, Lens announced that they raised $15 million in a fundraising round led by IDEO CoLab Ventures with participation from funds including General Catalyst, Variant, Blockchain Capital, and Palm Tree, as well as DAOs such as Flamingo DAO, Punk DAO, and DAOJones. Angel investors who participated in the raise include Web 3 founder and venture capitalist Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, Uniswap CEO Hayden Adams, and The Sandbox co-founder Sebastien Borget.
Technology
Creating a profile on Lens Protocol generates a composable non-fungible token (NFT) that stores content, comments, likes, and reposts, and is associated with a wallet address. The NFTs created can be traded and collected, and content creators can control who can obtain their publications. Additionally, creators can monetize their social media by requiring payment for certain content and setting up subscriptions. Because Lens Protocol is on the Polygon blockchain, applications can be deployed to any chain. [6]
Tokenization
The Lens protocol has three layers of tokenization via ERC721 NFTs. All three are ERC721-compliant and fully composable.
The LensHub upgradeable contract is the core entry point for the majority of interactions in the Lens Protocol. Nearly all interactions begin and double as the ERC721 NFT contract for profile NFTs, which are minted upon profile creation.
Upon a profile's first follow, a FollowNFT contract is deployed (via minimal proxy cloning), unique to the profile; this is the ERC721 NFT contract that represents follower positions.
Lastly, upon a publication's first collect, a CollectNFT contract is deployed (via minimal proxy cloning), unique to the publication; this is the ERC721 NFT contract that represents collected publications. [5]
Lens Protocol Features
Profile NFTs
Each profile is assigned an NFT. Data associated with the content and its interactions are stored on the token. Wallets can own multiple profile NFTs if desired. To avoid squatting, only addresses whitelisted by governance can create profiles. Applications requiring multiple user profiles can contact the team via Discord for assistance. [5]
Follow NFTs
Receiving a Follow NFT grants the holder a rarity ranking and utility. Some utility tools may include voting rights if provided by the individual being followed. [5]
Publication
Lens Protocol uses the term "Publication" to refer to content such as videos, photos, music, and text that can be posted onto a Profile NFT. Posting content directly to a Profile NFT can help ensure the ownership of the content. [4]
Collect
Collects allow creators to monetize their content. Because creators own their content via the Lens Protocol, they are able to allow their followers to purchase that content. When a user posts a publication to their Profile NFT they have the option to set a Collect Module. This module will allow other users to mint NFTs that link to the publication's ContentURI. This module can contain any arbitrary logic to apply to the minting process and the resulting NFT. [5]
Mirror
Mirrors are the curation tool of the Lens Protocol. They are the protocol's equivalent to reposting or re-amplifying content. Mirrors are treated the same as publications with a few additional checks and a few more minor features. [5]
Partners
- Arweave
- IPFS
- LitProtocol[7]
- XMTP[8]
- Dispatch[9]
- OpenSea
- Zerion[10]
- Alchemy
- ENS[11]
- Gelato[12]
- Livepeer
- POAP[13]
- PoH[14]
- Polygon
- Push[15]
- Sybil.org[16]
- Toucan
- WorldCoin[17]
- Tellie[18]
