News
The potential US buyer of TikTok plans to decentralize TikTok and may rely on the Polkadot parachain
US billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty’s Decentralized Social Networking Protocol (DSNP).
TikTok, which boasts more than 170 million users, is under pressure from the US government to sell it due to national security concerns and alleged links to the Chinese government.
McCourt’s initiative, called “people’s bidding,” represents one of several U.S. corporate interests in the platform. She is partnering with investment bank Guggenheim Securities and law firm Kirkland & Ellis on this venture.
In a print declaration, McCourt emphasized that the offering aims to empower users by migrating TikTok to an open source protocol. This move aims to restore control over digital identities and data, giving Americans a meaningful voice and stake in the future of the web.
TikTok meets Polkadot
McCourt’s plan to rebuild TikTok with DSNP will leverage Polka dot parachain social platform Frequency.
In November 2022, Frequency secured its position as a parachain on the Polkadot network. According to his websiteTHE chain guard was created to “allow people to guarantee the portability of their content and safeguard their privacy. The protocol allows ownership of digital identity and control over online presence.”
McCourt noted that the decentralization move would return control and value to users, allowing them to participate in the future of the Internet. She commented:
“The foundations of our digital infrastructure are broken and it’s time to fix them… We see this potential acquisition as an incredible opportunity to catalyze an alternative to the current technological 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 via DSNP. He said:
“A new and better version of the Internet where individuals are respected and own and control their own identity and data.”
Meanwhile, several Polkadots passionate they welcomed the news, considering it proof of the technological advances of the blockchain network.