DeFi Project Aave Set To Release Ethereum-Based Social Media Platform

Defi Project Aave set to launch an Ethereum-based social media platform this year, as a competitor to Twitter as the founder said, so let’s read more in our latest altcoin news today.

The new social media platform will run on Ethereum but with so many decentralized alternatives out there, what will make this one stand out? Decentralized finance giant, Defi project Aave will launch a Twitter alternative using Ethereum as Stani Kulechov explained. He also said that the users will be able to monetize content and govern the rules of the network:

“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.”

Social media is different from Aave’s main product as it lets users lend or borrow crypto in smart contracts- automatic computer code. Aave is the Biggest DeFi protocol in terms of the amount of money that flows through the system which now stands at $10.92 billion. Kulechov announced the new social media project on Saturday and tweeted:

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

He referred to the founder of Twiter who said multiple times he wants to decentralized Twitter using Blockchain and Bitcoin. Dorsey is a huge Bitcoin advocate but it seems that he doesn’t have as much time for other cryptocurrencies like Ethereum. His payment company Square purchased 8027 BTC in the past year which is now worth 2 million.
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With the new project, Kulechov wants to solve the problems he considers endemic to social media which is a vulnerability to censorship and exploitative pay structure which benefits the creators rather than the users. He said that Twitter users don’t own their audience which means whatever happens on Twitter, stays there:

“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. Nowadays if you tweet or retweet, there is no monetization and you also do not own your own audience (i.e. if you move from one platform to another you have to start from scratch.”

https://twitter.com/StaniKulechov/status/1416385933549654016

Steemit for example was purchased by Tron after the founder of the company Justin Sun, botched the acquisition and many users chose Hive. Voice also runs on the EOS blockchain but never gained traction as the CTO of Block.one that initially built it, quit, and said the platform was not immune from censorship pressure. Kulechov said that the new project will be different:

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