Web3 social protocol Lens Protocol and Aave founder Stani Kulechov announced the Lens Protocol V2 version at the EthCC (Ethereum Community Conference) in Paris, which mainly includes Open Actions, Open Namespaces, Profile V2 (empowering Profiles with ERC-6551), upgraded Follow architecture, Collective Value Share, Metadata V3, on-chain shielding, Quote Publications and other features or functions.

 

Lens Protocol said the entire Lens V2 codebase has been rewritten, refactored, and optimized to improve readability, open source contributions, and developer experience.

Open Actions — Composable Social Network

Lens said, "V2 retains a unique open design space, allowing developers and integrators to choose to use the Lens protocol as they please, and have the opportunity to collaborate in this shared social network, not only limited to activities such as commenting, mirroring, collecting, etc., but also supporting third-party actions, such as minting on OpenSea, Sound.xyz, purchasing NFT tickets, etc."

That is, Open Actions is able to create a more native user experience for Lens ecosystem apps that want to perform external actions directly on Lens. Lens ecosystem apps can integrate with various third-party marketplaces and protocols to be executed as Open Actions in user-created posts.

All operations can be plugged into the Lens collective value share chain to share value between people, applications, algorithms or other services that add distribution, curation or other types of value.

For example, with Open Actions, users can mint NFTs through the OpenSea contract directly on Lens posts. Other Open Actions use cases include following, buying and selling ERC-20 tokens or NFTs, joining a DAO, donating with Gitcoin, buying land from The Sandbox or Decentraland, joining the whitelist, receiving paid DMs, providing liquidity for DeFi protocols, etc.

Lens Open Actions extends the composability and modularity of Lens itself by plugging into any Web3 social application and supporting two-way integration.

Collective Value Share

Lens V2 also increases the value sharing opportunities between users, algorithms, curators, and applications. Everyone can share in the revenue and reward collaborative actions.

For example, someone can post on Orb, one user can comment, another user can collect it, and on another app, like Buttrfly, the algorithm presents the content to curators, who bring in more viewers. In this case, the original content publisher may want to share the revenue to reward users, apps, and algorithms that contribute to each step of the value chain, thereby strengthening the value chain and strengthening the ecosystem partners and their business models.

This Collective Value Share model of Lens V2 gives users the option to implement a monetization model that rewards beneficial and altruistic behavior, which in turn supports collaboration between networks and sustainable ecosystem growth on the shared network.

Profiles V2

Profiles V2 is also the upgrade that I look forward to the most, including the use of ERC-6551 to enable Profile as a wallet, Profile as the core identity for all operations, the new Follow V2 architecture, and Open Namespaces.

Among them, with ERC-6551, Lens V2 reintroduces the power of composability by providing out-of-the-box support between Profiles and the ERC-6551 standard. In V2, the value of minting and collecting can be accumulated in Profiles instead of their owner's address, providing NFTs with their own social relationships, voice, and monetization opportunities. For example, a CryptoKitty NFT can use a Lens Profile, follow other CryptoKitties, and publish content, thereby creating its own value chain.

In addition, the "Follow" relationship in V2 was changed from a relationship between a Profile and a wallet to a relationship between Profiles, which means that all social operations occur between Profiles.

In the new Follow V2 architecture, all follow relationships are attached to Profiles, not Followers. If you move your Profile from one address to another, your social network moves with your Profile. NFT tokenization is now optional.

For Open Namespaces, users can transfer their Handles without transferring their Profiles, both of which are tokenized as NFTs.

 Profile Manager 

The Profile Manager feature allows Lens Profiles to delegate social actions to different wallets, improving the security layer of Lens Profiles and allowing users to store their Profiles directly in hardware wallets and use them with any other wallet.

That is, the profile of a DAO or community can be stored in a smart contract and used from one or more other addresses. Social operations can be delegated to applications to improve the user experience of gas-free and signature-free transactions.

In addition, Lens V2 also introduces the Quoted Publications feature, which is similar to quoted tweets. In terms of security, it also includes on-chain shielding, Profile protector and other functions. On-chain shielding means that the shielded Profile cannot follow, comment, mirror, quote, collect and perform any other operations on the shielding Profile;

Overall, Lens has been upgraded and enhanced in terms of composable social networking, value sharing, and ERC-6551-enabled Profile as a wallet. It will not only help to attract more applications, but also provide great flexibility for individuals, developers, and applications, and all stakeholders can share the value of the social network.