The remark comes as a reply to Jack Dorsey’s plans to bring DeFi on bitcoin (BTC).
Twitter on Ethereum, Says Stani
As a reply to Jack Dorsey’s ambition to bring decentralized finance (DeFi) on the Bitcoin network, leading DeFi lending protocol Aave’s (AAVE) founder, Stani Kulechov said the protocol should build Twitter on Ethereum.
It must be recalled that on July 16, Twitter CEO Dorsey announced that Square is in the middle of creating a business geared toward building an open developer platform to make it easier for developers to create non-custodial, and decentralized finance on Bitcoin.
At the time, the tech mogul named the platform TBD.
Dorsey added that akin to the development of the hardware wallet which is already in the works, the development for the said DeFi platform built on Bitcoin will be completely open-source with open roadmap, and open development.
Stani replied to Dorsey saying that Aave already performs all functions mentioned by the latter in his tweet. Stani added that Dorsey’s idea is similar to Aave which itself is an open-source, non-custodial, DeFi platform that allows users to borrow and lend digital assets and earn attractive interest on deposits.
Substantiating on his Twitter on Ethereum remark, Stani added that Aave co-founder Jordan Lazaro Gustave would be the one spearheading the effort.
As recently reported by BTCManager, Aave confirmed its plans to launch Aave Pro – a new offering in the Aave ecosystem with permissioned liquidity pools accessible to only whitelisted institutional investors who have completed the KYC process.
Decentralized Social Media, the Need of the Hour?
Social media’s role in the 21st century cannot be overstated. At the same time, it has become all the more critical to ensure these platforms are impartial, unbiased, and freedom-preserving in nature.
However, recent instances of deplatforming of influential figures from centralized social media platforms have been concerning, to say the least.
Of note, blockchain has emerged as a promising technology that can help power decentralized social media platforms that are not subject to the power of the few.
Earlier this year, the European Commission chose Worldline, a major digital payment, and transactions company based in France, for its blockchain project which aims at utilizing distributed ledger technology (DLT) to provide trustworthy content on social media.