Social media in Web2 has given so much to users, but there are limitations to what it can offer today. Stani Kulechov of Lens Protocol shared at SmartCon that new tools are being created to alter how social media operates, and one of those tools is the Lens Protocol. The founder of Aave said that the lens is a protocol that allows users to create self-identity on-chain.
The new social platforms that will be created do not require having several followings on different platforms like is seen today where one may have X number on Twitter and Y number on Instagram, Stani added. Instead, your following as a user will be on-chain, giving user ownership on-chain and across services that will be launched in the future.
Apart from the fact that there will be no need to create a presence on different platforms, profiles on decentralized networks will be NFTs and collectibles, which will facilitate easy monetization of content, Stani noted. This will change how we see and use decentralized networks.
Own your social graph
Currently, the users’ social graph is owned by the organizations that built the platforms we use, Stani shared. But that will change as users will own their social graph and decide how to use it and who can use it.
He also pointed out that “applications and algorithms need to work for you” as the user instead of working for algorithms like is done now. With over 200,000 worth of value shared already on the Lens protocol, Chainlink is solving the problem of data for the protocol, Stani noted.
The anchor, Josh Constine, Principal investor at SignalFire, highlighted that networks will learn to adapt to users and not users to the network as seen today.
The two concluded that there would also be no need to drive traffic to a website from social media platforms again, as the value can be created, shared, and monetized in the same environment – all on-chain.
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