Ethereum

The unveiling of a Version 2 upgrade for a protocol is a momentous occasion as it signifies a major step forward in the evolution of the protocol, often introducing new features, capabilities, and improvements that can have far-reaching implications. Lens Protocol has once again proven its mettle by unveiling its much-anticipated Version 2 upgrade. This latest development brings forth a concept of Collective Value Share, Open Actions, and the integration of the ERC-6551 standard, marking a significant milestone in the protocol’s journey.<h2 id="header-0">Open Actions And ERC-6551 Set New Highs For Lens 2.0</h2>Lens Protocol, a project dedicated to the decentralized social graph, has unveiled the second version of its platform. This new release integrates an advanced feature known as “Open Actions,” which allows for the execution of external smart contract actions directly from content posts on Lens. Additionally, the platform now supports the ERC-6551 token standard.The most notable enhancement in Lens Protocol’s Version 2 is the “Open Actions” functionality. This feature empowers users to carry out any action from an external smart contract directly from the content posts on Lens. For instance, users can now mint <a href="https://blockchainreporter.net/nft/" rel="noopener noreferrer nofollow">non-fungible tokens (NFTs)</a> on an OpenSea contract straight from the content published on Lens.Open Actions is set to revolutionize the user experience on Lens applications, as it allows for the execution of external actions directly within the Lens platform. This feature enables users and developers to “bring-their-own-smart-contracts,” facilitating any external <a href="https://blockchainreporter.net/glossary/smart-contract/" rel="noopener noreferrer nofollow">smart contract</a> action on a Lens publication.Notably, with oracle support, this functionality can even be extended to cross-chain actions, including actions on <a href="https://blockchainreporter.net/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> and <a href="https://blockchainreporter.net/glossary/layer-2/" rel="noopener noreferrer nofollow">Layer 2</a> solutions. This development marks a significant step forward in enhancing the versatility and user-friendliness of the Lens platform.The second version of Lens Protocol reestablishes the potency of composability by offering built-in support for the integration of profiles with the ERC-6551 token standard. With this upgrade, the value derived from ‘mints’ and ‘collects’ can be attributed to profiles rather than being directed to the owner’s address. This innovative approach enhances the user experience and offers a new layer of functionality within the Lens Protocol <a href="https://blockchainreporter.net/glossary/digital-asset-ecosystem/" rel="noopener noreferrer nofollow">ecosystem</a>.For example, a virtual land in the metaverse can be programmed to own its Lens profile and interact with its users.<h2 id="header-1">Lens Protocol Enhances Security And Adds Profile Manager</h2>The Lens Protocol Version 2 introduces the Profile Manager feature, enhancing security and user flexibility. This allows Lens profiles to delegate social actions to different wallets, enabling users to securely store their profiles on hardware wallets or smart contracts. It also supports gasless and signless transactions, and accommodates addresses following the Account Abstraction standard.However, certain security-related functions are excluded from the Profile Manager for added safety. The feature also allows for the creation and switching of different configuration presets, which can be adjusted through a LIP proposal.The Version 2 upgrade of Lens Protocol introduces features that enhance user control and security. Users can now block actions on their profiles, preventing blocked profiles from interacting with their content. This <a href="https://blockchainreporter.net/glossary/on-chain/" rel="noopener noreferrer nofollow">on-chain</a> profile blocking enhances Trust &amp; Safety across Lens clients.The upgrade also improves profile security with the introduction of the Profile Guardian, which requires a 7-day cooldown period for profile transfers, reducing the risk of phishing attacks. When used in conjunction with the Profile Manager, users can store their Lens profiles on a hardware wallet, enabling secure operation from an application-level wallet.<a href="https://www.lens.xyz/" rel="noopener noreferrer nofollow">Lens Protocol</a>, a decentralized social graph designed for building social media platforms, was launched on Polygon in May 2022. It enables the recording of social media activity through NFTs and on-chain data.In June, the project secured $15 million in funding in a round led by IDEO CoLab Ventures. The Lens Protocol team is also developing a blockchain scaling solution called Momoka. This solution aims to store social media transaction data off-chain while ensuring on-chain verification.

Lens Protocol Unveils Its Version 2 Upgrade, Brings Collective Value Share and ERC-6551 Standard

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