FreeCryptoCurrency.Me

Lens Protocol, a decentralized social media platform, has introduced Lens Improvement Proposals (LIPs) to promote open governance.

The initiative draws inspiration from similar strategies used in blockchain ecosystems, such as Ethereum Improvement Proposals (EIPs).

LIPs provide a mechanism for community developers and users to contribute to the development and evolution of Lens Protocol. This decentralized model invites community members to submit suggestions, feature enhancements, bug fixes, and updates via Lens Protocol’s GitHub repository.

Focus on community feedback 

In a deviation from the typical approach of decentralized autonomous organizations (DAOs), the Lens governance system evaluates a proposal’s popularity based on community feedback instead of using a token-based on-chain voting system.

This method separates Lens from other Web3 projects that typically rely on DAO tokens for decision-making.

So far, three initial proposals have been introduced under the new model to be published on its GitHub repository. This repository for LIPs will also house all open standards utilized by Lens Protocol, divided into specific folders for each type of standard, such as the Lens Open Algorithm Standards.

The first proposal, LIP-0, establishes a governance model emphasizing transparency. The second proposal, LIP-1, suggests the creation of open standards for algorithms to foster user choice and enable the integration of third-party algorithms and machine learning services. The third proposal, LIP-2, would standardize metadata to improve Lens’s interoperability with other projects. 

Launched on Polygon in May 2022, there are over 110,000 social media profiles and hundreds of applications on Lens.

Earlier this month, Lens Protocol announced a $15 million funding round led by IDEO CoLab Ventures. The team is also working on a blockchain scaling solution called Momoka to store social media transaction data off-chain while verifying them on-chain.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.