The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

DeFi Protocol Aave to Launch Ethereum-based Alternative to Twitter

by Miki 07/19/2021
by Miki 07/19/2021 0 comment

Given the failure of other major players to build a successful alternative to Twitter, can Aave succeed?

DeFi protocol Aave announced a plan to launch an alternative social media platform to Twitter. According to Stani Kulechov, founder and CEO of Aave, the platform will run on the Ethereum blockchain.

Unlike with Twitter, Kulechov noted users will make money from their content and contribute to 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.

DeFi pulse data suggests that Aave has up to $10.9 billion in its system. This makes it the largest DeFi protocol. Primarily, its products allow users to borrow or lend cryptocurrency using smart contracts. This is totally unrelated to the newly announced social media project.

Why DeFi Protocol Aave Wants to Launch an Alternate Social Media

Kulechov speaking said that “Since Jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.” Founder of Twitter Jack Dorsey had suggested he was looking to adopt Bitcoin and blockchain to decentralize Twitter. In the last year, his payment provider also purchased over 8000 BTC worth about $252 million. However, there has been no concrete actions in that regard.

Kulechov noted the challenges associated with a permissioned social media platform are censorship and a payment system that benefits platform creators over users. “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,” he said. These two challenges will be put to bed by a decentralized alternative.

Already, there have been moves to create some alternatives but none has gained the necessary ground for adoption. For example, Steemit was purchased by Tron blockchain after a bungled acquisition made users defect to Hive. Also, Voice, which was built to run on the EOS blockchain by Block.one was built and abandoned. This was traceable to ‘censorship pressure’.

Kulechov believes that a critical success factor for this project would be that creators will allow their followers to vote on their preferred content through decentralized autonomous organizations (DAOs).

Aave may be a key player in the DeFi industry. However, given the failure of other major players to build a successful alternative, can Aave succeed? Will the company really build an Ethereum-driven alternative that will compete with Twitter?

next Altcoin News, Blockchain News, Cryptocurrency news, News, Social Media

Thank you!

You have successfully joined our subscriber list.

Source link

Views: 0
AavealternativeDeFiEthereumbasedLaunchProtocolTwitter
Share
0
FacebookTwitterPinterestEmail
previous post
Ethereum traders must keep a close eye on this before entering a trade
next post
Ether EFT Gets Approval From Brazilian Securities Regulator

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • MATIC: How traders stand to gain from this pattern’s breakout

  • UNI, SUSHI, AAVE: Is it time to bet on DeFi tokens again

  • El Salvador Lawmakers Passes $150M Bitcoin Trust Fund into Law

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$30,379.001.91%
  • ethereumEthereum(ETH)$2,078.592.70%
  • tetherTether(USDT)$1.000.08%
  • usd-coinUSD Coin(USDC)$1.00-0.28%
  • binancecoinBNB(BNB)$300.793.25%
  • rippleXRP(XRP)$0.4324192.57%
  • cardanoCardano(ADA)$0.5810.46%
  • SolanaSolana(SOL)$55.559.71%
  • Binance USDBinance USD(BUSD)$1.00-0.06%
  • polkadotPolkadot(DOT)$11.180.62%
  • dogecoinDogecoin(DOGE)$0.0903552.59%
  • AvalancheAvalanche(AVAX)$33.943.92%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$30,397.002.08%
  • Lido Staked EtherLido Staked Ether(STETH)$2,046.483.42%
  • tronTRON(TRX)$0.0713051.10%
  • Shiba InuShiba Inu(SHIB)$0.0000133.09%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.00-0.01%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • CronosCronos(CRO)$0.1945494.33%
  • matic-networkPolygon(MATIC)$0.705.53%
  • litecoinLitecoin(LTC)$68.181.38%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.903.16%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.940.46%
  • FTX TokenFTX Token(FTT)$31.611.33%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$203.53-2.34%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.535.21%