Defi AAVE developers will create an alternative to Twitter on Ethereum - Bits Media

The founder of the Defi Aave protocol said, that the project developers will create a decentralized alternative to the social network Twitter, which will work on the Ethereum.

Founder and General Director of the Defi Aave lending protocol Stani Kulechev (Stani Kulechov) stated, what The Twitter analog created by the developers will give users the opportunity to monetize the content they published and manage the network.

"We believe, that the creators of content should be able to interact with their audience in an uncontrolled system, when everyone can create new user experience, Using the same social graphs and intra -meter data ", He said.

The development of a social network is a new direction for AAVE developers, Which in recent years have been focused on creating lending products based on smart contracts. According to Defi Pulse, AAVE is the largest defi protocol, in which crypto acts are blocked by the cost $10.92 billion. Kulechev announced a new project on social networks on weekends.

“Since Jack [Dorsey] going to create AAVE on bitcoin, AAVE must create Twitter on the Ethereum ", - He wrote on Twitter.

Kulechev had in mind the statements of the founder of Twitter Jack Dorsie, Which has repeatedly stated, What wants to decentralize Twitter using "blockchain and bitcoin."

As part of the new project, AAVE developers hope to solve the problems of social networks, such as censorship vulnerability and operating payment structure, which benefits the creators of the platform, not users. According to Kulechev, Twitter users "do not own" their audience - all, What is happening on Twitter, It remains on Twitter.

“Twitter receives all the income from your tweets and content, which you share, And Twitter decides, Which of your entries will receive support using the algorithm ", He said. "Now, If you publish a record, Monetization is absent, And you do not own your audience - if you move from one platform to another, You will have to start from scratch ".

So far, none of the existing decentralized alternative social networks has become popular. Steem is most famous as an alternative to Medium in the cryptocurrency industry. Bloggers place articles and receive tokens depending on their popularity.

At the beginning of last year, the founder of the Tron project Justin San (Justin Sun) I purchased a 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 laid the foundation for the struggle between the San and the SteM community for managing the network, which led to the emergence of an fork Hive platform and maintaining most of the community.

Kulechev said, that the new AAVE project will differ from all previous attempts to create decentralized social networks.

“As a result, every Content Content will give his subscribers the opportunity to vote for the type of content, which is published through DAO ", He said.