Mathew Di Salvo reports in decrypt.co that "decentralized finance giant Aave will launch an alternative to Twitter using Ethereum this year, the protocol’s founder told Decrypt.
Stani Kulechov, founder and CEO of DeFi lending protocol Aave, said that users will be able to monetize the content they post 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,” he said.
With his new project, Kulechov hopes to solve problems he considers endemic to social media: a vulnerability to censorship and an exploitative pay structure that benefits platform creators rather than users.
He said that Twitter users currently “do not own” their own audience, meaning that what happens on Twitter, stays on Twitter.
“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.”
And he concludes that "Aave is a big force in the industry. But given that its competitors in decentralized social media have already fallen flat on their face, could an Ethereum-based Twitter alternative really be the next big thing?"
Source credit and full story - https://decrypt.co/76278/defi-project-aave-to-release-ethereum-based-twitter-alternative-this-year
Two interesting points in the article - he mentions Steemit and Hive as Twitter alternatives that failed to "take off" - "Steemit, for example, was bought by blockchain network Tron last year—after the company’s flamboyant founder, Justin Sun, botched the acquisition, many users defected to a fork called Hive."
And there are already too many decentralized alternatives to Twitter but none of them is successful.
I was wondering maybe LeoFinance did some market research, found out there is really no market for a Twitter alternative and decided not to launch ProjectBalnk or put it in the backburner. If not, they better hurry and launch ProjectBlank sooner rather than later and not lose the hype, buzz and momentum to Aave’s launch.
What is your take?
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