Aave launches a kind of ‘Twitter’ for Ethereum developers  

The Aave team had been working on a decentralized social media protocol for quite some time, and it has finally launched a testnet of the protocol, called Lens. In blockchain technology, a testnet is a new version of the software used for testing without risk to real funds or the main network. Lens, which is built on Polygon, a second layer network for Ethereum, relies heavily on NFTs to manage data. 

What role do NFTs play in Lens? 

According to the Aave team, Lens allows you to “own and control your content” with the help of NFTs that will manage people’s profiles, publications, and relationships with followers, among other data. The developer team claimed

“As the true owners of their content, creators no longer need to worry about losing their content, audience, and livelihood based on the whims of an individual platform’s algorithms and policies.”

Lens Protocol describes itself as a “decentralized social graph” that “makes building a Web3 social platform easy. So one of the ideas behind creating Lens is to allow developers to build social apps, analytics platforms, verification systems, and DAO tooling, among others. 

So what does this mean for end users?

The experience appears to be similar to traditional social media, where people can create and publish posts and comments and repost content–all of which will be stored on-chain. Similar to Twitter’s retweets, people can re-share posts on Lens using the “mirror feature” which allows users to earn a fee for “amplifying” content.  

But non-fungible tokens will represent people’s profiles and their follower relationships, allowing content creators to make money from managing this data. For example, people can hold multiple profile NFTs in a crypto wallet, and when a user follows another user, they will also earn a follow NFT.  Creators can also trade these tokens on the open market.

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Also Read: Was 2021 a year of Bitcoin and Alts? Let’s rewind.