(Rejected) Competing Social Network Lens Protocol Launched after Stani Kulechov was Banned from Twitter

After real-time Billionaires Elon Musk became the world's richest man with a net worth of $232.5 billion and announced his acquisition of Twitter late last month, Finnish cryptocurrency developer Stani Kulechov has built a blockchain-based social network, Lens Protocol.

According to a report from Bloomberg, Stani Kulechov's account was suspended after he joked on Twitter that Elon Musk was chosen as Twitter's interim CEO.

On Wednesday, Stani Kulechov said it created Lens Protocol, a rival social network that anyone can access and is closely tied to non-fungible tokens.

LENS PROTOCOL is a composable and decentralized social graph. It lets creators take ownership of their content wherever they go in the digital garden of the decentralized internet.

The anticipated takeover of Twitter by Elon Musk, the CEO of Tesla Inc., was temporarily postponed as he waited to be briefed about the social media giant’s fake accounts.

Musk tweeted:

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Yet Lens Protocol's blockchain-based tools can help verify identities, prevent spam, and provide an open system.

“Open sourcing comes by default with public blockchains,” Kulechov said.

While the cryptocurrency market has taken a hit recently, After nosediving to lows of $26K, a scenario that was last seen in December 2020, Bitcoin (BTC) has gained momentum and breached the psychological price of $30,000.

Kulechov expressed belief in the potential of Lens Protocol, especially in social gaming and music sharing, and states that:

“We’ve been building during bear markets and bull markets. And we just don’t care.”