Lens Protocol V2 Steps Closer to Becoming the Social Layer for Web3

V2 Drives New Social Experiences, Extends Revenue Sharing Opportunities and Benefits Web3 Stakeholders

Aave Companies, the technology company that builds smart contract-enabled protocols, applications and tools that incorporate decentralized technologies and token-based economies, announced Lens Protocol V2, the social layer for web3. The V2 code base has been completely rewritten to enable seamless composability and configurability that delivers an improved user experience, supports new social use cases and shared monetization opportunities that benefit all web3 social networking stakeholders – users, creatives, applications and algorithms – individually and collectively as a web3 ecosystem.

Based on blockchain-enabled user ownership, control and portability, Lens publications such as ‘posts,’ ‘mirrors’ and ‘collects’ are now more easily configurable, and they can incorporate any smart contract-enabled actions within or outside of Lens applications.

V2 introduces social activities supported by a new monetization layer, where users, creators, applications and services can share revenue at every step of the value chain, rewarding beneficial actions, such as comments, mirrors or collects, or algorithms that surface content, creators who moderate, and applications that add consumer interface and audience.

The characteristics of the Lens Profile changes with V2. In addition to becoming more secure and incorporating trust and security measures, Lens profiles can be separated from wallets, allowing NFTs to have profiles, and profiles can be minted without a handle, changed to another available handle or attached to multiple handles. This allows users to belong to multiple communities and create unique actions for handles and NFTs.

“Lens Protocol V2 takes decentralized social media and monetization opportunities to a new level. Providing maximum flexibility for builders, V2 enables new types of social engagements and monetization relationships, where all stakeholders can share in the value of social networks – both individually and collectively as an ecosystem,” said Stani Kulechov, Founder Lens Protocol.

“We are early in web3 social, and nobody knows what it will look like in the future. By giving creators, applications and integrators maximum flexibility to create whatever use case and consumer experience they envision, Lens V2 brings us closer to our vision the open and decentralized internet social layer.”

One of the key new aspects of Lens Protocol V2 is enhanced user engagement through Open Actions. In addition to Lens-known publishing actions of comment, mirror and collect, this feature enables users to perform a wide variety of external smart contract actions directly on Lens publications to enhance the user experience. For example, people will be able to create content within any app and add a Lens ‘follow’ directly to the post, buy an NFT, join a DAO, join a waitlist, pay-to-play a game, buy and sell assets, donate to public goods, vote and much more using Lens Open Actions.

With the new Lens update, monetization also takes a significant leap forward. Lens Protocol V2 embraces an open model that can reward beneficial actions at every step of the value chain to ensure a sustainable ecosystem for content creators, applications, algorithms, and even external protocols. With V2, the associated users, applications and algorithms can be part of a monetization chain, where they are incentivized to work collaboratively.

As Lens V2 prepares for scale, it has adopted a new standard called ERC-6551 for user profiles, which gives Lens profiles the ability to have their own wallet containing ERC-721 tokens and other NFTs. This means, ERC-6551 powered Lens profiles enable NFTs to perform actions. For example, a CryptoKitty NFT can have a Lens Profile and can perform social actions, thus having a social voice of its own. Lens V2 also introduces the concept of a Profile Manager,  which allows Lens profiles to delegate social actions to a different wallet. Lens profiles also now have the ability to block people on-chain – a  blocked profile cannot follow a profile, comment, mirror, quote, collect or conduct any Open Action on content it is blocked from. This feature allows profiles to curate their experience and improves Trust & Security across the network.

With its suite of new features, increased customization, enhanced revenue opportunities, and focus on safety and security, Lens Protocol V2 is set to transform the way people, brands and organizations interact, engage, and monetize within social networks.

To learn more about Lens V2, please visit: https://mirror.xyz/lensprotocol.eth/-hJH-2IYSe56rK7IEdwSI17hUWt-paTyAs1r4Zes0uQ