Aave founder and chief govt officer Stani Kulechov stated the agency was persevering with to develop its decentralized social media platform, with Web3 doubtlessly altering the best way many view possession.
Speaking to Cointelegraph on the Collision convention in Toronto on Thursday, Kulechov stated Web3 — a buzzword typically thrown round which typically describes the subsequent evolution of an web primarily based on blockchain know-how — may influence how folks use social media in a lot the identical approach cryptocurrency modified perceptions on finance. The Aave CEO remarked how builders had tailored protocols to deal with custody, and the rise in nonfungible tokens, or NFTs, appeared to level to a community-centered method.
“I think Web3 is quite a lot related to the concept of ownership,” stated Kulechov. “As we have ownership of […] financial protocols and communities and creators, what if we actually can have ownership on our own presence in social media — our profiles, our social identities?”
Kulechov added that Aave’s Lens Protocol was a part of the agency’s growth into Web3, as a decentralized social media platform through which primarily a community of “dynamic” NFTs acted as each customers’ profiles and communications between followers. The Aave CEO stated that there have been greater than 30 dwell initiatives constructed on the protocol.
Related: What the hell is Web3 anyway?
Despite the current market downturn, Kulechov gave the impression to be hopeful about the way forward for the house. However, he stated perceptions of crypto within the present local weather may have an effect on onboarding new customers.
“It’s not the first time I’m building in a bear market,” stated Kulechov. “Web3 and crypto in general is very market driven, so you have highs and downs. When we build, we always are considering the long game. Regardless of market conditions, we’re building something that is bringing utility for the whole community.”