Former LA Dodgers owner allocates $100M to blockchain social media
Franck McCourt, a real estate mogul and a former owner of the Los Angeles Dodgers, has revealed his interest in decentralised social media. He is investing $100 million (~£71.83 million) to build a blockchain-based social platform.
Tech giant supremacy coming to end
Franck McCourt is backing a project designed to shake the foundations of social media with a $100 million (~£71.83 million) investment. To do this, he plans to set up a publicly accessible database of people’s social connections on a blockchain. It is called Project Liberty, and it aims to allow users to move records of their interactions across various social media platforms, instead of being limited to a few dominant ones. It is known that the project will rely on a new internet infrastructure. The Decentralised Social Networking Protocol (DSNP) allows user records and connections to be stored in a similar way to how a blockchain stores cryptocurrency transaction data.
For the sake of capitalism
To build the DSNP, McCourt called on Braxton Woodham, co-founder of Sun Basket and former CTO of Fandango. Out of his $100 million investment, the real estate billionaire will allocate $75 million (~£53.9 million) to Georgetown University in Washington and Sciences Po in Paris for research, while the remaining $25 million (~£17.9 million) will go towards creating DSNP-based services. The billionaire also said how the non-stop surveillance and the massive accumulation of wealth and power in the hands of a few leads to destabilisation. “It threatens capitalism because capitalism needs to have some form of fairness in it in order to survive”, he added. Liberty is not the only big business initiative that is trying to capitalise on blockchain technology. Earlier in June, Jack Dorsey, CEO of Twitter, announced his plans to integrate Bitcoin’s Lightning Network into Twitter or BlueSky.
After the launch of EOSIO-based Voice, a social media platform using blockchain technology, the trend for creating trustworthy social networks is catching on. Who knows, we might as well see another blockchain-based social media, designed by a Yale professor and Goldman Sachs veteran, Revolution Populi, rival Facebook at some point in the future.
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