Aave Founder Announces Plans to Create Twitter on Ethereum this year

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Aave Founder Announces Plans to Create Twitter on Ethereum this year
Aave Founder Announces Plans to Create Twitter on Ethereum this year

Stank Kulechov, founder and CEO of Aave, stated that the DeFi platform plans to establish a Twitter alternative on Ethereum this year. Through this platform, users can monetize their content and manage network rules.

Kulechov wants Content Creators to Own their Audiences

Kulechov said: “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.”

On Saturday, Kulechov hinted at this development in a tweet:

“Since Jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum”.

Kulechov refers to Twitter co-founder and CEO Jack Dorsey, who plans to decentralize Twitter and create a Bitcoin-based DeFi. Last week, he announced on Twitter that the latter would become a division of his mobile payment company Square.

Dorsey’s open-source DeFi protocol for non-custodial bitcoin services has obvious similarities with Aave. The DeFi Aave loan agreement enables users to lend or borrow cryptocurrency through smart contracts. According to data from DeFi Pulse, it currently manages $10.92 billion in funds through its system, thereby controlling the DeFi protocol industry.

In addition, Aave plans to launch a royalty-free version of its professional investor platform this month. On the other hand, after Dorsey announced the open-source BTC hardware wallet, the Square project has received more than 34,000 likes since its release.

Aave Twitter alternative to Benefit Content Creators

Kulechov said that the new project will solve the challenges of today’s social media sites. This includes content censorship and an exploitative compensation structure, from which platform creators benefit far more than users.

To reiterate, he said that Twitter users “do not own” their content, so any content 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 the plan was announced, Kulechev appointed Jordan Lazaro Gustave to lead the project.

“Twitter on Ethereum” Version

There are already several decentralized alternatives to Twitter like Steemit, but none of them has yet to take off. According to reports, Steemit users are planning to get rid of Justin Sun, the founder of Tron who acquired Steemit last year.

In addition, Voice running on the EOS blockchain has never made any progress. Its developer is also Block. One’s chief technology officer withdrew from the project in December last year, stating that it was “not immune to the pressure of review.”

It is said that Aave’s creation is unique in the decentralized social application ecosystem.

“Eventually, each creator would allow their followers to vote on the type of content they post through DAOs.”

DAO, a decentralized autonomous organization, is an organization running on the blockchain. Its rules are influenced by its members, and the central government cannot control them.

Being a major force in the crypto industry, Aave’s Ethereum-based Twitter can gain a foothold. Aave also has the benefit of reducing competition, because all previous similar projects have failed.