Twitter has decided to build a new team dedicated to decentralizing the social media network (Twitter Blockchain) and allowing blockchain-based solutions on the platform. The startup may begin by allowing customers to make crypto payments and sell NFTs.
Through Alternative version of Twitter on the Ethereum blockchain network users can earn money from their interactions on the social micro-blogging platform. Users will be able to monetize and get profit from their posts, contributions and set their own restrictions.
The fastest transaction processing offered by the TechPay API layer is equipped to detect and foresee any suspicious recordings of payments operated in either domestic PG companies or card-issuing banks, allowing systematic prevention against illegitimate transactions.
Twitter Crypto will collaborate closely with Blue-sky, a new Twitter-sponsored effort aiming to create an “open decentralized standard for social media”.
Similarly to how no single bank controls cryptocurrencies like Bitcoin or Ethereum, the blue-sky protocol would be controlled by no single social network, despite the fact that Twitter is driving its development. The Ethereum blockchain has shown to be a great place to try out new concepts like non-fungible tokens and experiment with tokenization (NFTs).
Aave is a decentralized money lending platform based on Ethereum that crypto enthusiasts refer to as the “world’s bank.” With a market capitalization of $4 billion, the firm is a market leader in the industry. It also has a total value locked (TVL) of $16.4 billion, which symbolizes the quantity of assets that the blockchain has protected.
In a permission less fashion, content producers control their audiences, and anybody may create new user experiences utilizing the same on-chain social network and data. Twitter’s money is now derived from its users, although the network operates in a centralized way.
This means that Twitter’s internal algorithm determines whether material or individuals gain traction. And, while there are alternatives to Twitter, they are all still centralized.
“Today, there is no monetization and you do not control your own audience whether you tweet or retweet. Kulechov argues that if Twitter is based on Ethereum, users would be able to monetize their messages and shape the network’s regulations.
The Ethereum blockchain has shown to be a good platform for experimenting with tokenization and adding new ideas such as non-fungible tokens, despite the concept being far-fetched (NFTs). Through his payment company, Square, Twitter CEO Jack Dorsey revealed intentions to launch a new business branch.
Its goal is to provide an open developer platform that will make it easier for developers to create non-custodial and decentralized Bitcoin financing. Dorsey’s business model appears to be comparable to Aave, which is also an open-source, non-custodial DeFi network that allows users to borrow assets and earn income.
It’s worth mentioning that DeFi-based social networks do exist, but they have yet to gain traction. Steemit attempted to replicate the Reddit experience but struggled to stay afloat.
Steemit was an early blockchain project that showed potential when it was founded in July 2016. These blockchain-based solutions, however, have yet to gain traction in the public.
The proposal has potential from a moderation standpoint, since regulators and governments throughout the world are concerned about the expansion of Big Tech and its future dangers. In many countries, such as India, Twitter as a centralized network has been in hot water, while Nigeria has outright outlawed it.
It’s also reasonable to presume that Aave’s initiatives are still in their infancy and have yet to be tested. It will have to be user-friendly, simple to grasp, and uncomplicated if it is to build a platform that can threaten the existing internet.
In real life, blockchain offers a wide range of applications, although the majority of them have yet to be explored. Every firm, including traditional banks, energy corporations, and others, is attempting to incorporate the notion into their daily operations.
Decentralized finance is sometimes referred to as crypto’s next frontier since it helps to overcome existing limits like borders, laws, and more. And, since technology has the potential to revolutionize the way the world operates, businesses are concentrating on gaining a head start.