Image source: Coin Desk
Aave CEO Stani Kulechov is under the impression that Twitter won’t be switching to Web3 anytime soon.
Kulechov believes Web3 will play an essential role in social media.
Lens
The Aave CEO laid out 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 different platforms.
Kulechov defines social capital as “followers” and “profiles.”
He added that with the current Web2 paradigm, users would have to leave their share capital with every new account they create with a new service.
Lens, launched in May, is based on Ethereum’s Polygon scaling solution.
Use smart contracts to tokenize social metrics like NFT.
Lens hopes 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.”
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Bitcoin
Stani Kulechov compared the Lens protocol to Bitcoin, saying the comparison provides 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 for Twitter involvement.
“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 through Tesla.
Many have the impression that Musk will integrate Twitter into Web3.
Meanwhile, Kulechov doubts that Twitter will soon be entirely Web3-based.
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Web3
Blockchain technology is still hailed as one of the main drivers of Web3, a decentralized form of today’s internet where ownership is distributed among users.
However, Aave’s CEO is one of many to suggest the decentralization of social media.
Jack Dorsey, co-founder, former CEO and first user of Twitter, 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 Twitter’s CTO.
Last year, Dorsey reached out to Jay Graber, who took over as project director from Agrawal.
Agrawal became Twitter CEO after Dorsey left before Musk fired him in late October.
Blue Sky recently launched the beta test for its new protocol and opened the waiting list for its app.
Over 30,000 people signed up within two days of the announcement.
Reference:
Twitter won’t go Web3 ‘anytime soon’: Aave CEO Stani Kulechov
