American billionaire and former Dodgers owner Frank McCourt is leading a consortium to acquire TikTok's U.S. operations. He plans to implement a decentralized social network protocol (DSNP) and Polkadot's parachain Frequency to achieve the decentralization of TikTok. Following the news, Polkadot's token DOT surged over 17% in a single week, reaching $7.65 on Wednesday, May 22.
TikTok, which has over 170 million users, is under pressure from the U.S. government to sell the app due to national security concerns and its connections with the Chinese government.
McCourt's initiative, dubbed "Project Liberty," represents American corporate interests in the platform. He is collaborating with investment bank Guggenheim Securities and law firm Kirkland & Ellis to pursue this endeavor.
In a press release, McCourt emphasized that the bid aims to empower users by transitioning TikTok to an open-source protocol.
He stated that the move is intended to restore control over digital identity and data, giving Americans a significant voice and stake in the future of the internet.
He plans to rebuild TikTok using DSNP, leveraging Polkadot's parachain social platform Frequency.
In November 2022, Frequency cemented its status as a parachain in the Polkadot network. According to its website, the parachain is designed to "enable individuals to ensure the portability of their content and protect their privacy, supporting ownership of digital identity and control over their online presence."
McCourt noted that the decentralization initiative will return control and value to users, empowering them to participate in shaping the future of the internet.
He commented, "The foundation of our digital infrastructure has been compromised, and it is time to fix it. We see this potential acquisition as an excellent opportunity to promote an alternative to the current colonized technological model of the internet."
Additionally, McCourt envisions TikTok prioritizing data protection and supporting social media creators by giving them greater control over their data through DSNP.
He said, "A newer, better version of the internet, where individuals are respected and they own and control their identity and data."
Meanwhile, Polkadot supporters welcomed the news, viewing it as proof of the blockchain network's technological advancement.
Following the announcement, Polkadot's token DOT experienced a surge, reaching $7.65 on Wednesday with a weekly increase of over 17%.
Wilfred
