Intro to Lens V2 🍀 – by William M. Peaster

Metaversal is a Bankless e-newsletter for weekly level-ups on NFTs, digital worlds, & past

Pricey Bankless,

One of many greatest current happenings within the “crypto social” sector? 

The initiation of Lens V2! 

This new-and-improved model of the Lens protocol is aiming to redefine possession round social media. 

For in the present day’s publish, let’s dig into the fundamentals of this improve and get you on top of things on what to be searching for!

-WMP

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Lens Protocol, launched in early 2022, is an open social graph constructed on the Polygon blockchain that additionally has its personal customized knowledge availability (DA) layer, Momoka. 

Merely put, Lens is designed to allow creators to personal their social connections. It marks a shift from centralized and siloed social networks to at least one the place customers can preserve possession of their content material and relationships throughout an ecosystem of interoperable apps.

With the introduction of Lens V2 in July 2023, and its rollout began this month, the protocol is starting to rev up. The brand new V2 is geared toward enhancing the creator and developer expertise to higher function a user-owned, moveable, and immutable social graph. 

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The V2 improve has shifted all social operations to be profile-based moderately than address-based, with the concept being to streamline interactions inside the community. 

Moreover, observe actions have been refined, a referral mechanism has been launched, and “handles,” i.e. profiles, are actually managed as ERC-721 NFTs for better flexibility. 

The complete codebase has been reworked to accommodate these adjustments, round which new foremost options have been raised. These core pillars embody Profiles V2, Open Actions, and Collective Worth Sharing.

The brand new Lens system introduces a big improve to consumer profiles. 

With the combination of the ERC-6551 customary, profiles now have the potential to behave as wallets, permitting for direct accrual of worth from actions resembling mints and collects. This function allows profiles to determine their very own social relationships and monetization alternatives. 

The brand new Profile Supervisor hub additionally enhances safety, permitting for blocking and for customers to delegate social actions to totally different wallets, together with {hardware} wallets for elevated security. 

Open Actions in Lens V2 provide a composable framework for social networking, permitting builders to combine exterior sensible contract actions straight inside Lens. 

These integrations might embody actions like minting NFTs or interacting with third-party marketplaces and protocols, all inside the context of a Lens publish. 

Open Actions are designed to be extendable, even to cross-chain operations, offering a versatile and highly effective software for builders to create modern social experiences.

Lens V2 additionally expands on the concept of collective worth sharing, the place all members within the social graph can profit from the worth generated inside the ecosystem. 

This technique contains customers, algorithms, curators, and purposes, all of whom can share within the income generated by their contributions to the community. 

This mannequin encourages a collaborative atmosphere the place every motion provides to the collective worth, and rewards are distributed amongst those that contribute to the expansion and engagement of the platform.

As of now, Lens V2 is in a closed beta part. To get your palms on a deal with, you may at present must be part of the waitlist. 

When you’re invited in, you may declare your individual distinctive account from the declare hub. 

At that time you could possibly begin making an attempt the preferred apps within the Lens ecosystem, and if you happen to’re undecided the place to start Aave and Lens founder Stani Kulechov has a handful of suggestions, together with:

🦋 Buttrfly — A web3 social explorer platform

👋 Hey — Beforehand “Lenster,” it is a Twitter-like social media app 

🔮 Orb — A mobile-centric social media app

📱 Phaver — One other cellular social media app, one of many oldest on Lens

📹 Tape — A media-sharing platform on Lens

2023 has confirmed to be an enormous yr for “crypto social” tasks to this point, and the current initiation of Lens V2 solely reinforces this progress that a lot additional. 

By rearchitecting the social graph to be user-centric, Lens V2 has joined alongside parallel tasks like Farcaster in making an attempt to set a brand new precedent for the way forward for digital interactions. Blockchain tech not solely decentralizes management right here, nevertheless it additionally opens up novel prospects for creators and builders to innovate with out the constraints of conventional social media platforms.

All that mentioned, it’ll be fascinating to trace Lens V2 going ahead, but it’s already difficult the established order now and welcoming us to reimagine what it means to attach, create, and share worth in an more and more digital world!

William M. Peaster is the creator of Metaversal — a Bankless e-newsletter centered on the emergence of NFTs within the cryptoeconomy. He additionally serves as a senior author for the principle Bankless e-newsletter.

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Not monetary or tax recommendation. This article is strictly instructional and isn’t funding recommendation or a solicitation to purchase or promote any belongings or to make any monetary choices. This article will not be tax recommendation. Speak to your accountant. Do your individual analysis.

Disclosure. From time-to-time I could add hyperlinks on this e-newsletter to merchandise I take advantage of. I could obtain fee if you happen to make a purchase order via considered one of these hyperlinks. Moreover, the Bankless writers maintain crypto belongings. See our funding disclosures right here.