If you haven’t already heard, LensScore is RedStone Finance’s Kyiv Tech Summit hackathon project that won awards from Aave and Celo. It is a Web3 scoring based on Oracle that has been built on Lens Protocol data, that allows for the calculation of one’s score based on their social media activity – such as commenting, posting, publicising, their number of followers, plus more.
Let’s take a closer look!
According to this video presentation by Marcin Kaźmierczak – COO and Business Development at RedStone Finance – the team identified the problem of a lack of a reliable on chain scoring system for users that could be utilised for Decentralised Finance (DeFi) and Web3 projects.
Without having a reliable scoring system for users, projects in the Web3 space cannot create use cases like under-collaterised lending that rely on the credibility of the user.
Despite many people’s already strong belief in decentralised finance and innovations that follow suite, the lack of such a system means that all wallets must be treated equally, which according to Marcin “…stifles possibilities of economy where Web3 users can build trust and credibility.” Marcin believes that by creating such a system, projects will be able to offer new product lines and innovate in many ways.
How does it work?
First, data is fetched from a users Lens profile, and subsequently that users score is calculated based on six variables. In turn, the score is then made available for smart contracts and protocols to check.
The score formula is as follows:
- tc — total number of comments
- tpo — total number of posts
- tpub — total number of publications
- tf — total number of followers
- tc — total number of collects
- tm — total number of mirrors
Below you can see an example of this in action, with the score of “aaveaave.lens“, where their score is 34260 increasing by 13.25 (+0.04% ) in the past hour.
Potential use cases
The team will be consulting other protocols going forward to see what useful data they would like included in LensScore, so the possibilities of the project are not by any means limited.
However, some potential use cases, according to their thread on Twitter, include:
- On-chain Credit Scoring – customising the over-collateralised lending LTV for different users depending on their reputation.
- Reputation-gated Access – building exclusive communities within applications on top of Lens Protocol to find the highest quality new joiners.
- Security – fighting bots in decentralized forums by granting access only to people above a certain score or securing airdrops/allow-lists from Sybil attacks.
- On-chain Credentials – searching for potential business partners/employees/hackathon team participants based on their on-chain reputation and contributions.
In his video presentation, Marcin mentions that, going forward, the team would like to improve the formula for score calculation, potentially add new data sources, and/or implement simple machine learning models to increase efficiency. He mentioned that they will also be consulting with protocols to find out what they would like to see implemented into the LensScore scoring system.