The founder of the DeFi protocol, Aave, said that the developers of the project will create a decentralized alternative to the social network Twitter, which will run on Ethereum.
The founder and CEO of the DeFi lending protocol Aave, Stani Kulechov, said the developer-created Twitter counterpart would give users the ability to monetize their content and manage the network.
“We believe that content creators should be able to interact with their audience in an unsupervised system, where everyone can create new user experiences using the same social graphs and intranet data,” he said.
Social networking is a new direction for Aave developers, who have focused on building smart contract lending products in recent years. According to DeFi Pulse, Aave is the largest DeFi protocol, with $ 10.92 billion worth of crypto assets blocked. Kulechev announced a new project on social media over the weekend.
“Since Jack [Dorsey] is going to build Aave on Bitcoin, Aave must build Twitter on Ethereum,” he tweeted.
Kulechev was referring to Twitter founder Jack Dorsey, who has repeatedly stated that he wants to decentralize Twitter using “blockchain and Bitcoin.”
Through the new project, Aave’s developers hope to address social media issues such as censorship vulnerabilities and exploitative payment structures that benefit platform creators, not users. According to Kulechev, Twitter users “do not own” their audience – everything that happens on Twitter stays on Twitter.
“Twitter gets all of its revenue from your tweets and the content you share, and Twitter decides which of your posts gets support through the algorithm,” he said. “Now, if you publish a record, there is no monetization, and you do not own your audience – if you move from one platform to another, you have to start from scratch.”
So far, none of the existing decentralized alternative social networks has become popular. Steem is best known as an alternative to Medium in the cryptocurrency industry. Bloggers post articles and receive tokens based on their popularity.
At the beginning of last year, the founder of the Tron project, Justin Sun, acquired the startup Steemit, thus receiving a significant share of Steem tokens and the ability to influence the outcome of consensus votes on the network. The acquisition sparked a struggle between Sun and the Steem community over network governance, which forked the Hive platform and left most of the community behind.
Kulechev said the new Aave project will differ from all previous attempts at decentralized social media.
“As a result, every content creator will give their subscribers the ability to vote on the type of content that is published through the DAO,” he said.
