An alternative social defi Project based on Ethereum cryptocurrency will launch this year.
Stani kulechov, Founder and CEO of well known projects such as Defi Lending protocol Aave, said that content creators will be able to govern and monetize the content they are creating governing the different rules of the platform and network.
Social media platforms are currently different from services that are being offered by Aaves which focuses on providing Smart contracts for users to borrow cryptocurrencies automatically.
Defi lending explained
Actually Twitter is profiting from the tweets and the content you share and create. Twitter has control and power on which tweets gets attraction trhough the algorithm.
“Nowadays by using the twitter platforms there is no monetization scheme behind your own audience, if you switch to another platform you have to start from start” Kulechov stated
Stani Kulechov told decrypt, That content creators should have sense of ownerships on their audiences, where content creators can build new user experiences based on chain social graph and data available to content creators.
Jack dorsey the founder of twitter has recently announced his passion for bitcoin and stated he wants to decentralize Twitter using “blockhain and Bitcoin” Therefore Kulechov announced his own intentions in social media platforms stating his company Aave should build Twitter on Ethereum. Decentralized alternatives to twitter already exist but non have taken off.
Creative solution for content creators
With this new Project Kulechov has stated he plans to solve problems he considers endemic to social media where there is vulnerability to censorhsip, which benefits platforms owners rather content creators and users.
Aave is the largest company Defi protocol in terms of money running trhough the Defi systems as it holds an astonishing value of 10.92 billion. According to defi Pulse data.
Kulechov has told decrypt that this new idea of his will be different to others and eventually “ Content creators could allow their followers to vote on the type of content creators should post, which is gained by DAO proposals. Dao´s are decentralized and autonomoius organizations that operate on a blockchain. Could this new alternartive to social media platform cross runninng simultaneosly with blockchain features be really the new Trend? What do you think?