Lens V2: Pioneering a New Era of Web3 Social Networking

Lens Protocol recently completed the migration to version V2. This new version is centered around the core concepts of open composability, shared benefits, and trust security, bringing exciting updates to users. Users can not only interact with smart contracts within social media but also execute external smart contract operations in Lens's publications.

As one of the pioneers in the field of Web3 social networks, Lens is committed to overcoming the limitations of traditional Web2 platforms. The CEO of Lens Protocol stated that the goal of V1 is to launch a Web3 social network, promote innovation, and test tools that are beneficial to the ecosystem. V2, on the other hand, pursues a more flexible modular design, aimed at further increasing user autonomy in the social networking experience. Lens V2 is expected to bring revolutionary changes to social capital and user experience in Web3 social networks.

Challenges and Breakthroughs: The Web3 Social Revolution of Lens Protocol

Currently, the development of Web3 social platforms is facing some challenges. Traditional social networks are difficult to establish in a Web3 environment because social activities are much more complex than simple financial transactions. Web3 social networks require more features and functionalities to meet user needs.

One of the main challenges is that social networks built solely on specific content or business models often lack vitality. Users may flock in just for the rewards rather than being genuinely interested in Web3 social interactions. This leads to issues of temporary user engagement and a lack of deep interactions.

In addition, traditional social media platforms control users' data and social relationships, making it difficult for users to focus on building Web3 social networks. They are accustomed to maintaining social relationships on traditional platforms, which presents obstacles to transitioning to decentralized platforms to build new networks.

Past Web3 social platforms attempted to establish social value through the issuance of social tokens, community passes, NFT artworks, and other means. However, these platforms still rely on traditional Web2 platforms to connect users and disseminate value. This dependence creates vulnerability; once the traditional platform severs the connection, the established social value will also disappear.

To overcome these difficulties, Lens Protocol emerged as a decentralized social network underlying protocol. Unlike traditional social media, Lens Protocol itself is a social network. It allows third-party developers to build social applications based on the protocol by sharing users and user data. The goal of Lens Protocol is to create a shareable social network in the form of a foundational protocol, promoting growth across the entire ecosystem.

Lens: Create a shareable social network foundational protocol

Lens is an innovative foundational protocol social network that stands out with its shareable features. By transforming personal profiles, followers, collectors, and content into NFTs, Lens empowers users with more rights and opportunities. At the same time, the introduction of programmable modules enhances the composability and openness of the social platform.

Personal Homepage NFT: Convert users' personal homepages into non-fungible tokens, containing user information, followers, and content-related data. Users can manage their personal identity independently and trade on the NFT market. By selling, leasing, or licensing their personal homepage NFT, users can gain economic returns while ensuring the security of their personal information.

Follower NFT: Associated with a specific personal homepage NFT, granting followers a unique serial number that represents their order and importance within the social network. Follower NFTs are not only identity credentials but also represent social rights. This promotes interaction and sharing among users, establishing a more balanced and equitable social relationship.

Collector NFT: Users can convert their favorite content into Collector NFTs, which are associated with their personal homepage NFTs. This grants users the collection rights to specific content, showcasing their interests and tastes. Other users can obtain Collector NFTs through trading or authorization, sharing common interests and values.

Content NFT: Allows users to convert their creative works into NFTs, linked to their personal homepage NFTs. Content NFTs represent the user's works, which can be widely shared and circulated in social networks. Creators can trade their works on NFT marketplaces, gaining broader exposure and trading platforms.

Programmable Modules: Lens provides programmable modules that allow developers to customize various social interaction features. These modules include follow, favorite, comment, share, etc., and developers can extend functionalities through smart contracts. The introduction of modules offers users flexibility and a personalized experience, opening up innovative application scenarios.

Through these designs and features, Lens has created a shareable social network foundational protocol. The NFTized social relationships build users' social capital, enabling them to self-manage and share. Programmable modules provide developers with innovative space, expanding the functionalities and possibilities of the social network.

Lens V2 New Features: Open Operations and Shared Value Sharing

Lens V2 was launched during the Ethereum Community Conference in Paris in July 2023, showcasing a range of new features including open operations, shared value, personal profile updates, and management. This marks a further improvement in modular design, providing users with greater autonomy and flexibility.

Open Operations - Composable Social Networks

Lens V2 introduces open operation features, enhancing the composability of social networks. This provides users and developers with more freedom and creativity, allowing for direct integration of external smart contract operations within Lens.

Users can choose different functions based on their interests and needs, combining them to create a unique social experience. The open operations also provide the possibility for cross-chain operations, allowing users to interact with other blockchain networks and participate in different ecosystems.

Shared Value

Lens V2 addresses the long-standing issues of content搬运 and plagiarism in Web2 by building a value chain of contributions. It allows everyone who participates in sharing content links to share the profits.

Content creators, promoters (curators), and platforms can all participate in content revenue. Original users can enjoy multi-platform revenue without having to promote themselves. Curators are responsible for promoting content and sharing revenue, forming a revenue tiering mechanism.

Lens V2 also offers smart algorithm support to help users and curators efficiently promote content. This ensures that every participant can gain benefits, incentivizing original content creation and community development.

Profile Update

Lens V2 introduces the ERC-6551 standard, expanding personal profile functionality. Each Lens personal profile can create a smart contract wallet account, possessing all the features of an Ethereum account. This increases the programmability and interoperability of personal profiles.

The focus on architecture has improved, shifting the attention from wallet addresses to personal profiles. Personal profiles can choose to be tokenized as NFTs, and all focus relationships are associated with personal profiles. When a personal profile moves, its social network moves along with it.

Lens V2 has changed the paradigm of social asset systems. Personal profiles have become independent entities, each possessing their own social graphs and following systems. The value of relationships within social graphs is directly attached to personal profiles, making them valuable social assets.

Personal Profile Management

Lens V2 introduces a new layer of personal profile security, allowing users to delegate social operations to different wallets. Users can switch between multiple wallets without having to bind all functions to a single address.

Support for multiple association modes allows users to bind a personal profile to multiple wallet addresses or manage multiple personal profiles with a single wallet address. Users can choose to host their personal profiles in a secure cold wallet while delegating social features to be operated by other addresses.

These improvements enhance security while providing users with more options and convenience.

Summary

Lens Protocol is evolving into a decentralized Web3 social platform with sustainable social value through continuous iteration. Users have more control and data sovereignty, and are encouraged to actively participate and contribute. Currently, the Lens Protocol ecosystem has developed over 100 applications covering areas such as social entertainment, incentive mechanisms, and professional communication.

This diverse collection of applications demonstrates the advantages of an open social graph, going beyond the limitations of traditional single social media applications. Users gain more power, and their profiles and relationships become assets they own. The Lens Protocol, as a protocol-based shared social network, pioneers a new era for Web3 social by empowering users and allowing them to choose how to develop and monetize their social networks.