The metaverse is Unbanked Newsletter For weekly level-ups on NFTs, virtual worlds, and more
Dear Bankless,
What is one of the biggest recent events in the “crypto social” sector?
The beginning of Lens V2!
This new and improved version of the Lens protocol aims to redefine ownership on social media.
In today’s post, we’ll take a closer look at the basics of this upgrade and give you a quick idea of what to look out for!
-WMP
👉 Connect more assets. Save time and gas. ✨
lens protocolLaunched in early 2022, is an open social graph built on the Polygon blockchain with its own custom data availability (DA) layer. momoka.
Simply put, Lens is designed to help creators own their social connections. This marks a shift from centralized, siled social networks to social networks where users can maintain ownership of their content and relationships across an ecosystem of interoperable apps.
with Introduction to Lens V2 July 2023, Release begins this month, protocols are starting to improve. The new V2 aims to improve the creator and developer experience to better serve as a user-owned, portable and immutable social graph.
🏹 Settle, hunt, claim, repeat.
Become an unbanked citizen today!
The V2 upgrade shifted all social operations to be profile-based rather than address-based, and the idea is to streamline interactions within the network.
Additionally, follow operations have been improved, a referral mechanism has been introduced, and “handles”, i.e. profiles, are now managed as ERC-721 NFTs, providing greater flexibility.
The entire codebase has been reworked to accommodate these changes, and major new features have been added accordingly. These key pillars include: Profile V2, open actionand Shared Collective Values.
The new Lens system significantly upgrades the user profile.
through integration ERC-6551 standard, your profile can now act as a wallet, allowing you to gain value directly through activities such as minting and collecting. This feature allows profiles to build their own social connections and generate revenue opportunities.
The new Profile Manager hub also adds security, allowing you to block and delegate social activity to a variety of wallets, including hardware wallets, for added security.
Open Actions in Lens V2 provides a composable framework for social networking, allowing developers to integrate external smart contract actions directly within Lens.
These integrations may include things like minting NFTs or interacting with third-party marketplaces and protocols within the context of a Lens post.
Open Actions is designed to scale to cross-chain operations, providing developers with flexible and powerful tools to create innovative social experiences.
Lens V2 also expands on the idea of collective value sharing, where all participants in the social graph can benefit from the value created within the ecosystem.
The system includes users, algorithms, curators, and applications, all of whom can share in the revenue generated by their contributions to the network.
This model promotes a collaborative environment where each action adds collective value and rewards are distributed to those who contribute to the growth and engagement of the platform.
Lens V2 is currently in closed beta. To get your hands on it you currently need: Join the waiting list.
Once you’ve been invited, you can request your own account at: Claims Hub.
At that point, you can try out the most popular apps in the Lens ecosystem, and if you’re not sure where to start, here’s a guide from Aave and Lens founder Stani Kulechov. A few recommendationsinclude:
-
🍑 butt fly — web3 social explorer platform
-
👋 Here you go — Formerly “Lenster” is a social media app similar to Twitter.
-
🔮 nine — Mobile-focused social media app
-
📱 faber — One of the oldest mobile social media apps in Lens
-
📹 tape measure — Lens’ media sharing platform
2023 has proven to be a pivotal year for “crypto social” projects so far, and the recent release of Lens V2 will only strengthen this progress even further.
By redesigning the social graph to be user-centric, Lens V2 joins a parallel project. Like Farcaster We’re working to set a new precedent for the future of digital interaction. Blockchain technology not only decentralizes control, but also opens up new possibilities for creators and developers to innovate without the constraints of traditional social media platforms.
That said, it will be interesting to track Lens V2 in the future. But it’s already challenging the status quo and inviting us to rethink what it means to connect, create and share value in an increasingly digital world!
William M. Feaster is the creator of metaversal — Bankless newsletter focused on the emergence of NFTs in the cryptocurrency economy. He also serves as a senior writer for the Bankless newsletter.
An unbanked citizen ⚑ turned $264 into $6,077 last year. 22x ROI in a bear market 🚀!
More tokens supported and less gas! Now you can use the bridge feature in the MetaMask portfolio to move your tokens to other networks as well as exchange them for any other token of your choice as part of the same transaction.
Bridge now!
It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
expose. Occasionally I may add links to products I use in this newsletter. If you purchase through one of these links I may receive a commission. Bankless authors also hold cryptocurrency assets. see us Investment disclosure here.