Lens V2: Open operations and value sharing, can it create a new landscape for Web3 social interactions?

The V2 version of the Lens Protocol has recently completed its migration work, bringing exciting feature updates for users. This new version is centered around the core concepts of "openness and composability, shared interests, trust, and security," allowing users to interact with smart contracts within social media and execute external smart contract operations in Lens publications.

As a pioneer in the Web3 social network space, 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 benefit the Lens ecosystem. V2, on the other hand, aims for a more flexible modular design, intending to further increase user autonomy in the social networking experience. Lens V2 is expected to bring revolutionary changes to Web3 social networks in terms of social capital and user experience.

Challenges and Breakthroughs: The Web3 Social Revolution of Lens Protocol

Currently, the development of Web3 social platforms faces some challenges. Traditional social networks find it difficult to establish themselves in a Web3 environment, as social activities are more complex than simple financial transactions. Web3 social networks require more functionalities and features to meet user needs.

A major challenge is that social networks built solely on specific content or business models often lack vitality. Users may flock in just to earn rewards, rather than being genuinely interested in Web3 social interactions, resulting in issues of transient user engagement and a lack of deep interactions.

Moreover, traditional social media platforms control users' data and social relationships, making it difficult for users to focus on building their own Web3 social networks. They are accustomed to establishing and maintaining social relationships on traditional social media, which creates barriers to transitioning to decentralized platforms to build new social networks.

Past Web3 social platforms attempted to establish social value by issuing social tokens, community passes, NFT artworks, and other means. However, these platforms still rely on traditional Web2 social platforms to connect users and disseminate value, which presents vulnerabilities. Once traditional Web2 platforms sever their connections with Web3 social platforms, the social value built on them will also disappear.

To overcome these challenges, Lens Protocol has emerged as a decentralized social network underlying protocol. It enables third-party developers to easily build their own social media applications based on the protocol by sharing user and user data. The goal of Lens Protocol is not to achieve a Web3 social network through a single application, but to create a shareable social network in the form of a foundational protocol, promoting the development of Web3 social networks by driving the growth of the entire ecosystem.

Lens: Create a shareable social network in the form of a base protocol

Lens is an innovative social network based on foundational protocols, standing out with its shareable features. By transforming personal profiles, followers, collectors, and content into NFTs, Lens grants users 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: Transforms users' personal homepages into non-fungible tokens, containing personal information, followers, and content-related data. Users can use the personal homepage NFT through methods such as selling, leasing, or licensing to gain economic returns while ensuring the security and privacy of their personal information.

Follower NFT: Associated with specific personal homepage NFTs, granting followers a unique serial number that represents their order and importance within the social network. Follower NFTs facilitate interaction and sharing among users, establishing a more balanced and equitable social relationship.

Collector NFT: Users can transform their favorite content into Collector NFTs, which are linked to their personal homepage NFTs. Other users can acquire Collector NFTs through trading or authorization, sharing and showcasing common interests and values.

Content NFT: Allows users to convert their creations into NFTs and associate them with their personal homepage NFTs. Creators can widely share and circulate their works on social networks and trade them in the NFT market.

Programmable Modules: Provide programmable modules that allow developers to customize various social interaction features according to their needs. Developers can extend functionalities by writing smart contracts, offering users flexibility and a personalized experience.

This design based on tokenized social relationships makes Lens an open, scalable, and customizable social network ecosystem that meets the diverse needs of users and promotes the sharing and appreciation of social capital.

Lens V2 New Features: Open Operations and Shared Value

Lens V2 is the latest version of LensProtocol, released during the Ethereum Community Conference in Paris in July 2023. It showcases a range of new features, including "open operations, shared value, personal profile updates, and personal profile management," further improving the modular design and providing users with greater autonomy and flexibility.

Open Operations - Composable Social Network

Lens V2 introduces open operation capabilities, enhancing the composability of social networks and providing users and developers with more freedom and creativity. Open operations allow developers to directly integrate external smart contract operations within Lens, creating innovative experiences.

Users and developers can choose different functions on Lens based on their interests and needs, and combine them to create a unique social experience. The composability of open operations also enables cross-chain operations, allowing users to interact with other blockchain networks and participate in different ecosystems.

Shared Value

Lens V2 offers an innovative solution to the problems of content transfer and plagiarism in Web2 by building a value chain of contributions. It allows everyone who participates in linking the content to share in the benefits generated by that content.

Content creators, content promoters (curators), and platforms can all participate in content revenue. Original users do not need to promote themselves or repost on other platforms to enjoy profits from multiple platforms. Curators are responsible for promoting user-generated content to a wider audience or publishing it on other platforms, and they can also share in the revenue.

Lens V2 also offers intelligent algorithm support to help users and curators promote content more efficiently, allowing more people to see and share the benefits. This approach ensures that every participant in the chain can gain rewards, incentivizing the continuous creation of original content and attracting more attention, while also promoting the prosperity and development of the community.

Profile Update

Lens V2 expands personal profile functionality by introducing the ERC-6551 standard. Each Lens personal profile can create a smart contract wallet account, which has all the functionalities of an Ethereum account, including holding NFTs and token assets, as well as interacting with Dapps.

The attention architecture has been improved, shifting the focus of relationships from wallet addresses to personal profiles, with all social operations occurring between personal profiles. Personal profiles can optionally be tokenized as NFTs, and all attention relationships are associated with personal profiles. When a personal profile moves, its social network moves with it, providing users with greater flexibility and convenience.

Lens V2 has also changed the paradigm of the social asset system. Personal profiles have become independent entities, with their own social graphs and following systems. The value of the social graph relationships is directly attached to the personal profile, making the personal profile itself a valuable social asset.

Personal Profile Management

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

In addition, Lens V2 supports various association modes, allowing users to bind a single profile to multiple wallet addresses, or manage multiple profiles with a single wallet address. Users can choose to host their profiles in a secure cold wallet while delegating social functions to other wallet addresses. This decoupling of the association between profiles and wallet addresses enhances security while providing users with more options and convenience.

Summary

Lens Protocol is steadily advancing through continuous version iterations, aiming to become a truly decentralized Web3 social platform with sustainable social value. On Lens Protocol, users have more control and data sovereignty, and they are encouraged to actively participate, contribute, and interoperate with other applications and protocols. Currently, the Lens Protocol ecosystem has developed over 100 applications, covering areas such as social entertainment, incentive mechanisms, and professional communication to meet various user needs.

This diverse collection of applications showcases the advantages of an open social graph, surpassing the limitations of traditional single social media applications. Users gain more power, and their profiles and relationships become personal assets. The Lens Protocol, as a protocol-based shared social network, opens new horizons for Web3 social by empowering users and allowing them to decide how to develop and monetize the social network.