Unraveling the facts behind Lens Protocol V2

Lens Protocol unravels the many facts surrounding Lens Protocol V2, which is basically an open and decentralized social layer meant for the web. Their intention behind the creation of the Lens was to influence the social media community, along with the builders, users, and brands. They reached out for feedback from builders and developers and incorporated most of the suggestions in V2, bringing about overall advancement. 

In the case of Protocol V1, it came without a user interface. Lens Protocol offered the necessary tools to developers for the creation of consumer applications. Ever since Lens came into existence, various social media applications were created on it, like Lenster, Orb, and others. An endless number of tools have been created for the growth of the ecosystem. 

Following the deliverance of Momoka, which is a data upgradable solution in terms of decentralized content storage, it has helped Lens to be more upgradable for mass acceptance. This is achieved sans the interference with ownership and portability. Of late, there has been the deliverance of Lens Improvement Proposals (LIPs), which leads to decentralized governance. 

Now it is the turn of Lens Protocol V2, which comes with more control in terms of builders and Web3 users. The complete codebase of Lens V2 was reorganized for further readability, as well as open-source contributions. It is now possible to incorporate any Web3 function with applications. 

The Lens V2 has held on to its open design arena that provides developers and incorporators the option of utilizing Lens Protocol in any way they desire. In the case of Open Actions, it brings about a more conventional exposure for Lens applications that are inclined to implement outside actions on Lens. 

It is possible to share every effective action amongst the Lens collective value share chain comprising of individuals, as well as applications, algorithms, and various services providing value addition. By connecting with a Web3 application and backing two-way incorporations, Lens Open Actions furthers the form of the Lens itself. The resultant factor is that various internet projects are able to be built where there is an association of social networks. Lens Protocol built an Open Action that provides builders the option of minting an NFT collection drop on Lens. 

In the case of a shared network having a properly structured monetization layer, there is a sustaining economy where users taking part are rewarded, and all stand in an advantageous position. Through Lens V2, there has been a rise in value-sharing options amongst users, algorithms, curators, and applications. There is also the possibility of sharing revenue. 

Lens Protocol comes with the strength of formation by offering backing between profiles and for the ERC-6551 token value. Through V2, the value is based on mints and can be collected for profiles. This feature provides NFTS the opportunity of forming their own social friendships, as well as voice and monetization options. Then there is the profile in the form of a base identity for every action. This is followed by the new follow framework and the open namespaces. 

There is also the profile manager feature which provides the option for Lens profiles to allocate social actions to various wallets. Profile manager helps in enhancing the safety aspect of Lens profiles, wherein users are able to store their profiles on hardware wallets and utilize them with a wallet of their choosing. It also allows community profiles to be stored on a smart contract. Added to all of this is the publication feature. In terms of safety features, there is the option of on-chain blocking, as well as improved profile safety, through the profile guardian.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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