The founder of Aave has announced that the new social network of this protocol will be launched this year. This decentralized social network is supposed to be an alternative to Twitter.
to the the report DeCrip, the founder of the Decentralized Finance giant (DeFi), the founder of Protocol Avi, has announced that it will launch an alternative to Twitter using Ethereum this year.
Stani Kulechov, founder and CEO of AVI Lending Protocol, which operates in the field of defa, said that in this new social network, users can monetize the content they share, as well as control the rules of the network.
He said in this regard:
We believe that content creators should be able to have their own audience without the need for a license. This social network is a place where anyone can create a new user experience using the charts and data on it.
Creating a social network is a completely different approach from Avi’s main product. The protocol operates in the field of lending and allows users to lend or borrow with digital currencies through smart contracts and automated computer codes.
According to DeFi Pulse data, AVI is the largest DIFI protocol in terms of cash flow and currently has $ 10.92 billion in the protocol.
On Saturday, Kolchov tweeted Jack Dorsey, the founder of Twitter, announcing the launch of the Avi social network:
Because Jack wants to build Avi on Bitcoin, Avi will build Twitter on Ethereum.
He responded by quoting Jack Dorsey, who had previously said he wanted to decentralize Twitter using bitcoin and blockchain.
Dorsey loves bitcoin but has not spent much time exploring other digital currencies, including Ethereum. Square, a payment company managed by Dorsey, bought 8,027 bitcoins last year, valued at about $ 252 million.
Kolchov با hopes that with his new project he will be able to solve problems that are specific to current social networks. Problems such as vulnerability to censorship and an exploitative payment structure that serves platform builders rather than users.
He says Twitter users do not currently own their audience. This means that what happens on Twitter stays the same.
Twitter takes all the revenue from the tweets and content you share, and it’s Twitter that decides which of your tweets will be noticed by algorithms.
He also added:
Currently, if you tweet or retweet, you will not receive any income and you will not have your audience. That is, if you go from one platform to another, you have to start from the beginning [برای جذب فالوور] Try.
Decentralized alternatives to Twitter have been offered before, but none of them have been successful.
For example, the social network Voice, which ran on the EOS blockchain, was never noticed, and Dan Larimer, chief technology officer of Block.one, the company that created the platform. And later left it, resigned from his post. Larimer had said that the platform was not immune to censorship pressure.
Theron also bought the Steemit network last year, and Justin Sun, the Theron’s wealthy founder, took control of the network. In protest, many users left the protocol and joined the Hive protocol with a fork.
The Steam project failed because it had no incentive to produce quality content, so it entered the game very early and used its own blockchain, Steem. While we are looking to launch it in the Ethereum network, which is a thriving ecosystem with Diffie support and has other exciting innovations such as Ianas Domains (ENS).
“His new project will be different,” says Kolchev.
Finally, any content creator can allow their followers to vote on any type of content they submit through the DAO.
DAOs or decentralized self-governing organizations are board-based organizations that operate on the Blockchain.
Avi is one of the powers of the decentralized finance industry. Now the question is; Given that the protocol’s competitors have already failed to establish decentralized social networks, could creating an alternative platform for Twitter in the Ethereum network be the next big thing?