Why GCR Invested in Lens Protocol

Why GCR Invested in Lens Protocol

Introduction

For more than two decades, we have seen social networks evolve from MSN and MySpace to giants like Facebook and Twitter. As these platforms have grown, so has the realization that our data, our online interactions, and our digital identities are being controlled, monetized, and sold by corporations. In a world where data has become the oil of the 21st century, a dire need has arisen for a paradigm shift, a greater focus on ownership, privacy control, and user-centricity. This is where Lens Protocol comes in.

Lens Protocol, a transformative decentralized social layer built on Web3 technology, aims to put power back into the hands of the users. At GCR, we are thrilled to be part of this exciting innovation set to reshape the social networking landscape and are proud to announce our participation in Lens Protocol’s latest $15 million funding Seed Round.

What is Lens?

Lens Protocol

“Lens Protocol is a composable and decentralized social graph, ready for you to build on so you can focus on creating a great experience, not scaling your users.”
Source: Lens Protocol’s Mirror

By reinventing social media for the age of Web3, Lens Protocol is pushing boundaries and redefining the concept of online social networking. Lens is an open social graph built on the Polygon Proof-of-Stake (PoS) blockchain. It allows users to retain full ownership and portability of their profiles, connections, posts, and data. Its open technology stack provides builders with the flexibility to construct unique social interfaces or incorporate Lens’ social functions into pre-existing Web3 applications.

With Lens, transitioning to a new platform doesn’t mean losing valuable content and followers, ensuring a more flexible and user-controlled social media ecosystem.

How Lens Works

Source: Lens Protocol’s Mirror

Lens Protocol operates on the core principles of decentralization and decentralized storage, user ownership, and data portability, all of which are made possible through the use of ERC-721 NFTs. Let’s delve deeper into the functionalities of Lens Protocol: Creating a Profile, Publications, Following, and Collecting:

  • Creating a Profile: When you make a profile on Lens, an ERC-721 NFT, unique to your profile, is minted. This profile NFT holds all your content, comments, likes, reposts, and more.
  • Publications (Posts, Comments, and Mirrors):
    • Posts: These are your standard pieces of content – images, texts, videos, etc., stored directly on your Profile NFT.
    • Comments: Similar to traditional social media comments, but with a twist. They include a ‘pointer’ to another publication, adding a layer of interactivity.
    • Mirrors: These act similarly to ‘shares’ or ‘reposts’ in conventional social platforms. Mirrors contain a ‘pointer’ but don’t hold any content themselves.
  • Following and Follow NFTs: Following a profile in Lens Protocol is more than just subscribing to their content. When you follow a profile, a Follow NFT is minted for you, providing dynamic ways to interact with the platform and potentially the followed profile.
  • Collecting and Collect NFTs: Users on Lens can ‘collect’ publications. This results in a Collect NFT minted specifically for the collected publication. This process allows Lens to empower users to curate content and own pieces of social interactions that they value.
  • Built-In Governance: Lens Protocol incorporates governance mechanisms, offering opportunities for the creation of social media accounts that allow followers to vote on important decisions. This fosters a sense of community ownership, with the protocol effectively governed by those who use it.
  • Community Multisig: Ensuring security and cooperative decision-making, Lens Protocol supports multisig wallets, requiring multiple confirmations for transactions and permission requests. This means that users have robust security for their content and interactions, and the network as a whole benefits from the combined decision-making of its members.

Momoka

Source: Lens Protocol’s Mirror

Momoka is a sophisticated Optimistic Layer 3 (L3) scaling solution designed to optimize Lens. It functions by processing Lens transactions off-chain, much like an auxiliary traffic management system, to enhance the platform’s scalability and efficiency.

Source: Lens Protocol’s Mirror

In essence, Momoka allows for a higher volume of activities such as posts, comments, and likes on Lens, without overloading the main Polygon network infrastructure. The unique and robust design of Momoka ensures the integrity and accessibility of data, even in the absence of primary Lens access points. This ensures Lens can manage a higher user load without compromising performance while maintaining the core principle of user ownership and control over their data.

The Future of Web3 Social

Source: Lens Protocol’s Mirror

Lens Protocol is setting a new standard for social media, placing control and freedom squarely in the hands of the users. You own your content, free from censorship or takedowns – it’s your digital footprint, your rules.

With Lens, your data is your asset and the value it generates comes back to you. The open-source nature fuels a hotbed of user-centric innovation. Anyone can contribute new ideas and features, fostering a vibrant, dynamic social network ecosystem. This level of user empowerment and progressive innovation crystallizes Lens Protocol’s position as the undeniable vanguard of the Web3 social landscape.

GCR x Lens Protocol

Source: Lens Protocol’s Mirror

GCR is thrilled to have participated in Lens Protocol’s latest $15 million funding Seed Round, standing alongside prominent VCs, DAOs, and Angels. Notably, IDEO CoLab Ventures led the round, joined by General Catalyst, Variant, Blockchain Capital, and others. Prominent angel investors included Uniswap CEO Hayden Adams, OpenSea Co-Founder Alex Atallah, Polygon Co-Founder Sandeep Nailwal, et al. Our decision to invest was greatly influenced by the exceptional team behind Lens Protocol.

Stani Kulechov, the founder of Lens Protocol and Aave Companies, leads an impressive team with individuals like Paris Rouzati, Nader Dabit, and Christina Beltramini, who have shown a dedication to bringing social capital back to its owners. Their collective expertise and drive are instrumental in realizing Lens Protocol’s vision of a more social, open, and democratic Internet.

The Lens Protocol team’s deep understanding of Web3 and blockchain and social networks, combined with their passion for reshaping the social media landscape, make them a perfect fit for this monumental task. They are not only challenging traditional social media but also creating an innovative social layer built for Web3 from the ground up. We eagerly anticipate the new applications and innovations this team will bring forth.

Their project has already attracted a burgeoning community and numerous third-party developers. We’re excited to be part of this journey and look forward to witnessing the continued growth and revolutionary changes Lens Protocol will undoubtedly bring to the social networking landscape.

Source: HC – Capital’s Twitter

Learn more about Lens Protocol:


This article has been written and prepared by the GCR Research Team, a group of dedicated professionals with extensive knowledge and expertise in their field. Committed to staying current with industry developments and providing accurate and valuable information, GlobalCoinResearch.com is a trusted source for insightful news, research and analysis.


Disclaimer: Investing carries with it inherent risks, including but not limited to technical, operational and human errors, as well as platform failures. The content provided is purely for educational purposes and should not be considered as financial advice. The authors of this content are not professional or licensed financial advisors and the views expressed are their own and do not represent the opinions of any organization they may be affiliated with.

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