Cryptocurrency

Why web3 social could be bigger than Facebook

Season 6, episode 18 of The Mint Podcast by Adam Levy features Stani Kulechov. He is the founder of Aave: He, one of crypto’s largest decentralized non-custodial liquidity protocols, and Lens Protocol: a decentralized social graph to build the web3 social platform.

One of the biggest applications of web3 social is to create a profile that belongs to that individual and allows portability between applications. The Web2 social media company has solved the problem of creating and globally distributing content across the internet by providing a platform for like-minded peers to connect. The challenge with web3 is to recreate what, if any, in a decentralized way (such as Twitter or Instagram) or find new web3 social applications.

As creators of the current web2 social space, we can build audiences on specific platforms such as Twitter and generate large amounts of user-generated content to feed these platforms with content fluidity, but ultimately platform will benefit most from it. content. Creators lack audience portability and direct ways to monetize their work. Stani said:

“Having an on-chain profile means you can actually take ownership of the audience you create and your self-expression, and no one can take it away from you.”

The Lens protocol allows anyone to create a profile once and retain ownership of that profile without being tied to a particular platform. Users can access any application built on top of the protocol. He doesn’t have to give up his follower base or profile to one application. This opens up freedom for the user.

Users have skins in-game and can find content that best fits their values ​​and the content they love the most. All Lens content can be collected as NFTs. This means that markets, users, and followers can benchmark and decide what content is valuable based on how it is collected.

Creators can create digital art as a collection and make it available for purchase or in some way within the community. He adds:

“Being able to actually create content on the fly and have your own distribution channel. It’s like walking with your own social network. You can select.”

Lenster is a community for building applications that may be similar to Reddit in terms of subcommunities (subreddits). This ensures that the community’s values ​​and algorithms are the ones that best suit you and deliver the user experience you want. generally:

“Your social graph is the strength of your social capital.”

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