Stani Kulechov has said that he intends to build a Twitter alternative on Ethereum this year.
The AAVE founder and CEO Stani Kulechov tells Decrypt that he is planning to build a Twitter alternative on the platform in 2021, with users being able to monetize their content as well as contribute towards network governance.
The move could be a massive boost for AAVE, especially in a time when Twitter and other Big Tech giants are facing increasing public scrutiny and backlash particularly over censorship the seemingly biased application of their own community standards rules.
Kulechov teased the announcement on his Twitter feed on saturday 17th July with a post saying how if Jack (Dorsey, CEO of Twitter) is going to build AAVE on Bitcoin, AAVE should build Twitter on Ethereum. His comments relate to Dorsey’s comments that the social media giant was planning to start a new initiative called Blue Sky intended to create a decentralized standard for social media, of which he said he hoped Twitter would be a client.
A Twitter alternative is not new, but to date, no platform has managed to subvert the behemoth social media giants standing. Parler came close until it was Yeeted by Amazon Web Services following the events at the US Capitol building on January 6th 2021. Parler did eventually manage to create a new infrastucture apart from AWS which got it back up and running again, but it never fully recovered from the shutdown.
Furthermore, Twitter has drawn the ire of many prominent figures for what many have pointed out is a clear bias against conservative opinion, especially the account removal of everyone from James O’Keefe and his pain-in-the-backside of the establishment Project Veritas, through countless right wing personalities, and of course the permanent banning of a sitting head of state, former US President Trump.
All of this lends a great deal of credence to the idea of a social media platform which is governed and maintained by it’s users in a decentralized way, although to date there is no clear roadmap of what the AAVE Twitter alternative would look like or how specifically it would function.
“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,”Stani Kulechov
However, some existing decentralized social media networks may not be too pleased about it. The STEEM and HIVE communities have effectively had a solid decentralized social media and blogging system in place for years, and although these communities have had their fair share of in-fighting (HIVE forked from STEEM after Justin Sun’s acquisition of Steemit Inc) and there are many others, including Synereo and Minds, DTube and SocialX to name but a few.
It’s also worth reminding ourselves that AAVE is a DeFi platform which allows users to lend and borrow crypto via smart contracts, and to date, it is the largest DeFi protocol by volume, with over $10 Billion of assets flowing through the system according to data from DeFi pulse.
Jack Dorsey, the Twitter CEO does seem to have some affinity for Bitcoin, but not much love for other Altcoins, including Ethereum. The payments company he set up, Square, purchased over 8000 Bitcoins in the last year alone, with a value worth over $250 Million. This could explain why Kulechov talked about building his new Twitter alternative on Ethereum, simply to annoy Dorsey in an act of deliberate trolling of the Big Tech powerhouse’s boss.
“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,”Stani Kulechov
This author wonders how long it will be before Kulechov is himself blocked from his Twitter account. So here is his LinkedIn profile if you want to keep in touch directly with him.