American billionaire plans to use Polkadot parachain to decentralize TikTok

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Reshaping TikTok to Protect User Data

American billionaire Frank McCourt plans to transform TikTok into a platform centered around protecting user data. A consortium led by him is planning to acquire the popular social media app and intends to achieve this goal by utilizing the decentralized social network protocol DSNP derived from the Project Liberty. This Project Liberty, founded by Frank McCourt, aims to reclaim people's control over their digital lives.

Driving Decentralization of TikTok

McCourt: Addressing National Security Concerns

TikTok, with over 170 million users, faces increasing pressure for sale due to its connections with the Chinese government. McCourt's plan, known as the "people's bid," is one of several proposals from U.S. companies interested in the platform.

Partnerships and Objectives

McCourt is collaborating with Guggenheim Securities and law firm Kirkland & Ellis. He emphasizes in a press statement that this bid aims to empower users through a transition to open-source protocols, hoping to restore control over digital identity and data, allowing Americans to have a significant say and stake in the future of the internet.

Integrating TikTok with Polkadot

Role of Polkadot Parachain Frequency

McCourt's plan involves rebuilding TikTok using DSNP and leveraging the Polkadot parachain social platform Frequency. Frequency became a parachain on Polkadot in November 2022, aiming to empower individuals by ensuring content portability and privacy protection. According to its website, this protocol makes ownership of digital identity and control over online presence possible.

Billionaire's Vision of Digital Empowerment

McCourt believes that decentralization will return control and value to users, enabling them to participate in the future of the internet. He states, "Our digital infrastructure is broken, and it's time to fix it. We see this potential acquisition as a catalytic opportunity to replace current technical models that have colonized the internet."

Prioritizing Data Protection

A key aspect of McCourt's vision for TikTok is prioritizing data protection and empowering social media creators. Through DSNP granting greater data control, McCourt envisions a new, improved version of the internet that respects individuals and allows them to control their identities and data. He says, "A new version of the internet that respects individuals, giving them ownership and control of their identities and data."