The founder of Aave intends to establish a ‘Twitter on Ethereum,’ similar to how Jack Dorsey intends to build Aave on Bitcoin.
Aave has an advantage over other decentralized social media networks because they have not achieved traction.
Stank Kulechov, the founder and CEO of Aave, has stated that the DeFi platform wants to develop a Twitter competitor on Ethereum this year. Users will be able to monetise their content and control the network’s policies via the platform.
“We believe that content creators should own their audiences in a permissionless manner,” Kulechov added, “where anyone can construct new user experiences utilizing the same on-chain social network and data.”
Kulechov had hinted to such a scenario in a Tweet on Saturday that read:
Aave should create Twitter on Ethereum since Jack is going to build Aave on Bitcoin.
Kulechov was alluding to Jack Dorsey, the co-founder and CEO of Twitter, who wants to decentralize the platform and build a Bitcoin-based DeFi. He announced the latter on Twitter last week, saying it will be a part of his Square mobile payments company.
Aave and Dorsey’s open-source DeFi protocol for non-custodial Bitcoin services are strikingly similar. Aave, a DeFi lending technology, allows users to borrow or lend bitcoins via smart contracts. According to DeFi Pulse data, it currently controls the DeFi protocol industry, with $10.92 billion flowing through its system.
This month, Aave also plans to launch a permissionless version of its platform for professional investors. The Square initiative, on the other hand, is a follow-up to Dorsey’s open-source BTC hardware wallet announcement, which has earned over 34,000 likes since publication.
Characteristics of the Aave Twitter alternative
According to Kulechov, the new project will address issues that exist in today’s social networking networks. Content restriction is one of them, as is an unfair revenue system that favors platform creators over users unequally.
He reiterated that Twitter users “do not own” their content, and that whatever they put on the network remains on the platform.
Twitter earns all of its money from your tweets and the material you post, and the algorithm determines which of your tweets gain traction.
Kulechov named Jordan Lazaro Gustave as the project’s lead after unveiling the intentions.
There are various decentralized Twitter competitors, such as Steemit, but none has yet to gain traction. According to some sources, Steemit users are planning to oust Justin Sun, the Tron founder who bought the platform last year.
Furthermore, Voice, which is based on the EOS blockchain, has never gained traction. Its developer, who is also Block. one’s CTO, resigned in December, claiming that the project was “not immune from censoring pressure.”
In the decentralized social app ecosystem, Aave’s creation is claimed to be unique.
Through DAOs, each creator would eventually let their fans to vote on the type of content they post.
A Decentralized Autonomous Organization, or DAO for short, is a blockchain-based organization. Its rules are influenced by its members, and it has no control over the national government.
Aave’s Ethereum-based Twitter may find traction thanks to his status as a major figure in the crypto world. Because all past similar initiatives have failed, Aave also has the advantage of fewer competition.
Have fun using Twitter./n
