The lending project Aave will launch an Ethereum-based Twitter alternative. According to the company’s CEO, Stani Kulechov, the initiative will be led by Jordan Lazaro Gustaf, the company’s Chief Operating Officer and co-founder.
@JordanLzG will lead this effort 👻
— stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊 (@StaniKulechov) July 17, 2021
“Since Jack Dorsey is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum,” wrote Kulechov.
In an interview with Decrypt, Kulechov explained that the new platform would allow users to monetize content and participate directly in network governance.
According to him, the project will tackle the main issues afflicting modern social networks: censorship and an “exploitative payment structure.” The platform is planned to launch by the end of 2021.
The head of Aave stressed that influencers on Twitter “do not own” their own audience, and thus cannot transfer followers to other social platforms.
“Twitter earns all the revenue from your tweets and the content you share. It is Twitter that decides which of your posts will be spread by its recommendation algorithm,” said Kulechov.
On July 15, 2021, Square chief executive Jack Dorsey spoke of an impending launch of a business aimed at creating open platform for developers of decentralized financial services.
In 2019, the billionaire said that Twitter planned to create a new decentralized standard for social networks. To this end, the company hired a small team of developers.
According to Dorsey, centralized solutions are no longer adequate to handle problems such as the spread of misinformation.
Decentralized social networks are not new. In 2016, Ned Scott and Dan Larimer, co-founder of Block.one, founded Steemit, which in February 2020 was bought by the Tron Foundation.
After the deal closed, the social network and its apps migrated to the TRON blockchain, which provoked user dissatisfaction. A hard fork occurred, resulting in the Hive blockchain.
In March 2021, Larimer introduced Clarion — a mobile decentralized social media platform.
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