The community-centered approach to Web3 — Aave founder and CEO #Crypto #cryptocurrency

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Aave (AAVE) founder and CEO Stani Kulechov mentioned the agency was persevering with to develop its decentralized social media platform, with Web3 probably altering the way in which many view possession.

Speaking to Cointelegraph on the Collision convention in Toronto on Thursday, Kulechov mentioned Web3 — a buzzword usually thrown round, which usually describes the subsequent evolution of an web primarily based on blockchain technology — 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 approach.

“I think Web3 is quite a lot related to the concept of ownership,” mentioned 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?”

Stani Kulechov talking to Cointelegraph’s Sam Bourgi at Collision Conference in Toronto, Canada

Kulechov added that Aave’s Lens Protocol was a part of the agency’s growth into Web3, as a information/aave-launches-web3-social-media-platform-lens-protocol” data-amp=””>decentralized social media platform wherein basically a community of “dynamic” NFTs acted as each customers’ profiles and communications between followers. The Aave CEO mentioned 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 appeared to be hopeful about the way forward for the area. However, he mentioned 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,” mentioned 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.”