Aave – the largest De-Fi protocol with a $10.8 billion in total value locked across Ethereum and Polygon – has announced to launch an alternative social media platform to Twitter based on the Ethereum blockchain by the end of this year.
According to Decrypt, Stani Kulechov, founder of Aave, has said that the users of the platform will not only be able to monetize the content they post but govern the rules of this social media network as well.
He also expressed that content creators should have ownership of their audiences in a permissionless fashion.
This social media platform would be based on a decentralized model, opposite to the centralized one Twitter currently operates on. By eliminating a central authority in a network, users can have more power and control. A decentralized social media platform is censorship-resistant, keeps users’ personal data private, and has a pay structure that benefits users rather than a single company.
Aave’s decentralized social media platform would enable creators to give their followers voting rights on the content posted through decentralized autonomous organizations (DAOs).
Stani Kulechov told his Twitter followers that “Aave should build Twitter on Ethereum”.
The Tweet came in response to Twitter CEO Jack Dorsey’s recent announcement of building a new platform focused on decentralized financial services (De-Fi) around Bitcoin.
The idea of a decentralized social media platform has been around for some time. Some projects like Steemit and Voice have been launched in the past but failed to gain traction. We will have to wait and see how Aaave’s “Twitter on Ethereum” unfolds in the future.