Image source: Coin Desk
Aave CEO Stani Kulechov feels like Twitter will not be moving to Web3 anytime soon.
However, Kulechov thinks Web3 will play a vital role in social media.
Lens
The CEO of Aave outlined his vision for Lens Protocol.
Lens Protocol is a blockchain-based social media verse that allows users to maintain and import their social capital across multiple platforms.
Kulechov defines social capital as “followers” and “profiles.”
He noted that with the current Web2 paradigm, users would have to leave their share capital with each new account they create with a new service.
Lens, launched in May, is based on Ethereum’s Polygon scaling solution.
It uses smart contracts to tokenize social metrics like NFT.
Lens is looking to reinvent the wheel to create a decentralized and interoperable social media protocol.
“I have an audience on Twitter, and I can share my ideas, make connections – that’s social capital that I create there,” said the Aave CEO.
“But I can’t take my followers or my profile and put it in another application that has a better experience for me, reflects my values better, or I have better alignment with.”
Read also: Cash App finally allows users to send and receive Bitcoin on the app
Bitcoin
Stani Kulechov compared the Lens protocol to Bitcoin and said the comparison creates a close analogy between Web2 and Web3 technologies.
“In Bitcoin, you basically own your money, your store of value,” the Aave CEO explained.
“With Lens Protocol, you effectively own your social capital, your social presence.”
As for the challenge of scaling down the Lens protocol and attracting social media developers to work on it, Kulechov said they aren’t looking to engage Twitter.
“We have to build new things.”
The popular social media platform was recently acquired by Elon Musk, who is bullish on Dogecoin and owns millions of dollars worth of Bitcoin via Tesla.
Many are under the impression that Musk will integrate Twitter into Web3.
Meanwhile, Kulechov doubts Twitter will be fully Web3 based in the future.
Read also: Dogecoin value improves thanks to Elon Musk
Web3
Blockchain technology continues to be hailed as one of the main engines of Web3, a decentralized form of the internet today where ownership is distributed among users.
However, Aave’s CEO is one of many advocates of social media decentralization.
Jack Dorsey, co-founder, former CEO and first Twitter user, wanted to create a decentralized standard for social media platforms before leaving Twitter in 2021.
In 2019, Dorsey funded Blue Sky, an independent initiative led by Paral Agrawal, then CTO of Twitter.
Last year, Dorsey contacted Jay Graber, who took over as project director from Agrawal.
Agrawal became CEO of Twitter after Dorsey left.
However, Musk fired him in late October.
Blue Sky recently launched beta testing for its new protocol and opened the waiting list for its app.
Over 30,000 people signed up two days after the announcement.
Reference:
Twitter won’t go Web3 ‘anytime soon’: Aave CEO Stani Kulechov
