He stated that material posted by users would be able to be monetized, and users will be allowed to choose the rules of the network.
Stani Kulechov made the announcement on Saturday of Aave’s social media initiative. He tweeted, “Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.”
Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum
— stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊 (@StaniKulechov) July 17, 2021
Jack Dorsey, the creator of Twitter, has made statements that indicate that he intends to decentralize Twitter by using blockchain and Bitcoin.
Dorsey’s Foray into Decentralized Applications
Although Dorsey is a big Bitcoin fan, he does not acknowledge other lesser-known altcoins. He’s now the eighth-richest person in the world because of his payment processing business, Square, which purchased 8,027 Bitcoins in the last year (now worth $252 million).
Dorsey stated Square’s intent to build a DeFi capable offering on Bitcoin recently. It remains to be seen what this offering will entail in terms of details.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
Crypto-Based Twitter Alternatives
Alternative decentralized Twitter services are already out there, but none have become popular.
Recently, Tron, a blockchain network, purchased Steemit. Justin Sun, the founder of Tron, bungled the acquisition. As a result, many users moved to a competing blockchain named Hive.
Voice, a platform that operates on the EOS blockchain, has not acquired momentum, and the CTO who was involved in building it, as well as the CEO, left before the end of 2017.
Aave’s primary offering is very different from social networking platforms, which allow bitcoin users to lend or borrow using smart contracts —automatic computer code. Aave is the biggest decentralized finance protocol, presently handling $10.92 billion in DEX transactions.
What is Aave?
Aave is a decentralized non-custodial liquidity market protocol in which customers may act as depositors or creditors. Depositors give liquidity to the economy in order to earn a passive income, while borrowers may invest in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) way.
Aave is a set of smart contracts that operate on the Ethereum blockchain and enable these characteristics to be managed by a distributed computing network running its apps. This means that Aave customers don’t have to trust a single organization or person to manage their money.
They just must have faith that their code will be implemented exactly as intended.