- May 20, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
US billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) from Project Liberty.
TikTok, boasting over 170 million users, is being pressured by the US government to sell due to national security concerns and purported links to the Chinese government.
McCourt’s initiative, termed the “people’s bid,” represents one of several US corporate interests in the platform. He is collaborating with investment bank Guggenheim Securities and law firm Kirkland & Ellis on this venture.
In a press statement, McCourt highlighted that the bid aims to empower users by migrating TikTok to an open-source protocol. This move intends to restore control over digital identities and data, offering Americans a significant voice and stake in the web’s future.
TikTok meets Polkadot
McCourt’s plan to rebuild TikTok with DSNP will leverage Polkadot parachain social platform Frequency.
In November 2022, Frequency secured its position as a parachain on the Polkadot network. According to its website, the parachain was built to “empower individuals to ensure the portability of their content and safeguard their privacy. The protocol enables ownership of digital identity and control over online presence.”
McCourt noted that the decentralization move would return control and value to the users while empowering them to participate in the future of the Internet. He commented:
“The foundation of our digital infrastructure is broken, and it’s time to fix it… We see this potential acquisition as an incredible opportunity to catalyze an alternative to the current tech model that has colonized the internet.”
Additionally, McCourt’s vision for TikTok prioritizes data protection and empowers social media creators by granting them greater control over their data through DSNP. He said:
“A new and better version of the internet where individuals are respected and they own and control their identity and their data.”
Meanwhile, several Polkadot enthusiasts have welcomed the news, viewing it as proof of the blockchain network’s technological advancements.
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