Aave’s founder plans to build ‘Twitter on Ethereum’ just as Jack Dorsey plans to build Aave on Bitcoin.
Other decentralized social media platforms have not gained ground, placing Aave at an advantage.
Aave founder and CEO, Stank Kulechov, has said the DeFi platform plans to build a Twitter alternative on Ethereum this year. With the platform, users will be able to monetize their content and also govern the network’s rules.
“We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data,” Kulechov said.
On Saturday, Kulechov had hinted on such a development via a Tweet reading:
Since Jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.
Kulechov was referring to Twitter co-founder and CEO Jack Dorsey, who plans to decentralize Twitter and create a Bitcoin-based DeFi. The latter he announced last week on Twitter, saying it will be a division of his mobile payments firm, Square.
Dorsey’s open-source DeFi protocol for non-custodial Bitcoin services has marked similarities to Aave. The DeFi lending protocol, Aave, lets users lend or borrow cryptocurrencies through smart contracts. Currently, it commands the DeFi protocol industry as it runs $10.92 billion through its system, according to DeFi Pulse data.
Moreover, Aave intends to launch a permissionless version of its platform for professional investors this month. On the other hand, the Square project, which has received 34,000+ likes since publication, follows Dorsey’s open-source BTC hardware wallet announcement.
Hallmarks of Aave Twitter alternative
According to Kulechov, the new project would solve challenges inherent to present-day social media sites. These include content censorship in addition to an exploitative pay structure that unequally benefits platform creators more than users.
Reiterating this, he said that Twitter users “do not own” their content and therefore whatever they post remains on the platform.
Twitter makes all the revenue from your tweets and the content you share, and Twitter decides which of your tweets get traction through the algorithm.
After announcing the plans, Kulechov appointed Jordan Lazaro Gustave as the lead for the project.
Versions of ‘Twitter on Ethereum’
Already, there are several decentralized alternatives to Twitter such as Steemit, but none is yet to take off. According to some reports, Steemit users are orchestrating getting rid of Justin Sun, the Tron founder who acquired Steemit last year.
Additionally, Voice, which runs on the EOS blockchain never gained ground. Its developer, who is also Block. one’s CTO, quit the project in December saying it was “not immune from censorship pressure.”
Aave’s creation is said to be unique in the decentralized social app ecosystem.
Eventually each creator would allow their followers to vote on the type of content they post through DAOs.
A DAO, that is, Decentralized Autonomous Organization is an organization operating on a blockchain. Its rules are member-influenced and the central government’s control imposes zero control on it.
With the advantage of being a prominent force in the crypto industry, Aave’s Ethereum-based Twitter may find footing. Aave also has the benefit of lessened competition, seeing as all previous similar projects have failed to take off.
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