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In letter
- DeFi project founder Aave said he would build an alternative to Twitter.
- The project will run on Ethereum, he told Decrypt.
- There are many decentralized Twitter alternatives, will this one work?
Decentralized finance giant Aave to launch alternative to Twitter using Ethereum this year, protocol founder said Decrypt.
Stani Kulechov, founder and CEO of DeFi Aave Lending Protocol, said users will be able to monetize the content they post and govern the rules of the network.
“We believe that content creators should own their audience without permission, where anyone can create new user experiences using the same social graph and the same on-chain data,” he said.
Social media is totally different from Aave’s main product, which allows users to lend or borrow cryptocurrency through smart contracts – automatic computer code.
Aave is the largest DeFi protocol in terms of the amount of money flowing through its system, which currently stands at $ 10.92 billion, according to DeFi Pulse. The data.
Kulechov announced Aave’s social media project on Saturday. “Since Jack is going to build Aave on Bitcoin, Aave should be building Twitter on Ethereum,” he said. tweeted.
He was referring to Jack Dorsey, the founder of Twitter, who has repeatedly mentionned he wants to decentralize Twitter using “blockchain and Bitcoin”.
Dorsey love bitcoin but doesn’t have much time for other cryptocurrencies—including Ethereum. His payment company, Square, has purchased 8,027 Bitcoins in the past year (now worth $ 252 million).
With his new project, Kulechov hopes to solve problems he considers endemic to social media: a vulnerability to censorship and an abusive compensation structure that benefits platform builders rather than users.
He said Twitter users currently “don’t own” their own audience, which means what happens on Twitter stays on Twitter.
“Twitter makes all of the revenue from your tweets and the content you share, and Twitter decides which of your tweets is successful using the algorithm,” he said. Decrypt.
“Today, if you tweet or retweet, there is no monetization and you also do not have your own audience (i.e. if you switch from one platform to another) , you have to start over), “Kulechov said.
Decentralized alternatives to Twitter already exist but none have taken off.
Steemit, for example, was purchased by blockchain network Tron last year, after the company’s flamboyant founder, Justin Sun, botched acquisition, many users have defected to a fork called Hive.
And Voice, which runs on the EOS blockchain, has never gained popularity and the CTO behind Block.one, the company that built it and then abandoned it, to leave in December. He said the platform was “not immune to the pressure of censorship.”
Kulechov said Decrypt that his new project would be different. “Ultimately, each creator could allow their subscribers to vote on the type of content they post through DAOs,” he said. DAOs, or decentralized autonomous organizations, are consultancy-type organizations that operate on a blockchain.
Aave is a great force in the industry. But given that its competitors in decentralized social media have already fallen flat, could an Ethereum-based Twitter alternative really be the next big thing?
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