Defi Project Aave to Release an Ethereum-based Twitter Alternative

July 19, 2021      Kavya Barua

According to the protocol’s inventor, Aave, the decentralized finance (DeFi) project will release an alternative to Twitter using Ethereum this year.

Defi Project Aave Intends To Create A Twitter Alternative

Users would be able to monetize their material and administer the network’s laws, according to Stani Kulechov, founder and CEO of DeFi lending protocol Aave.

“We think that content producers should control their audiences in a permissionless manner, where anybody can develop new user experiences utilizing the same on-chain social network and data,” he added.

Social networking is not the same as Aave’s core product, allowing users to borrow Bitcoin via smart contracts – automatic computer code.

According to DeFi Pulse statistics, Aave is the largest DeFi protocol in terms of the amount of money flowing through its system, which is now $10.92 billion.

Ethereum Will Run The Project

On Saturday, Kulechov unveiled Aave’s social media effort. “Since Jack is building Aave on Bitcoin, Aave should create Twitter on Ethereum,” he said on Twitter.

He was pointing to Twitter founder Jack Dorsey, who has often stated his desire to decentralize Twitter through the use of “blockchain and Bitcoin.”

Dorsey adores Bitcoin but has little time for other cryptocurrencies, including Ethereum. Square, his payment firm, has purchased 8,027 Bitcoins in the last year (worth $252 million).

Kulechov thinks that his new initiative will address issues that he sees as endemic to social media, such as censorship vulnerability and an unfair pricing system that favors platform producers rather than users.

He stated that Twitter users now “do not own” their own audience, implying that what happens on Twitter remains on Twitter.

“Twitter generates all of the income from your tweets and the material you post, and the algorithm determines which of your tweets acquire traction,” he explained.

There Are Several Decentralized Twitter Alternatives Available – Will This One Work?

Twitter co-founder Alex Kulechov believes the social media network needs to be restructured.

The EOS blockchain will be used to power Aave, a new decentralized social media network. Alexander Kulechov, co-founder of and Aave, is the driving force behind the initiative. Users will be able to vote on what content providers upload, according to him.

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#Alex Kulechov #Blockchain EOS #CEO of Aave Stani Kulechov #DeFi projects #Ethereum-based Twitter #Jack Dorsey
Kavya Barua
Kavya Barua

Kavya Barua is in her final year of graduation from University of Delhi's, B.A (Hons) English program at Janki Devi Memorial College. She is an avid learner with a taste for advancements in crypto and Fintech. She is gaining interest in digital marketing and being a part of the organization where continuous growth and learning is assured and fulfilling the expectations of her knowledge and skills. She aspires to have a good career path with interest and ability to learn and deliver the results.