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Real Estate Mogul to Spend $100M on Decentralized Social Networking Protocol
Project Liberty will utilize blockchain technology to build a new type of internet infrastructure aiming to democratize social media data.
Updated Sep 14, 2021, 1:14 p.m. Published Jun 21, 2021, 4:47 a.m.
Billionaire real estate mogul Frank McCourt will invest $100 million in a project leveraging blockchain technology, attempting to democratize social media data.
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According to a report by Bloomberg on Sunday, McCourt's Project Liberty will focus on the development of a publicly accessible database of people’s social connections.
The hope is to encourage a more egalitarian approach by having social media companies, such as Facebook, draw from a shared place of social data.
The project will utilize blockchain technology to build a new type of internet infrastructure dubbed the Decentralized Social Networking Protocol (DSNP).
In a similar way to how blockchain stores information of certain coins and tokens in everyone's wallets, so, too, will the DNSP but for social connections, per the report.
See also: New Social Media Platform Instars Leverages Privacy-Enhancing Cryptography
Facebook's stranglehold over the data it owns on social connections between its users currently provides the social media giant with a dominant position in the market.
“We live under constant surveillance, and what’s happening with this massive accumulation of wealth and power in the hands of a few, that’s incredibly destabilizing," said McCourt. "It threatens capitalism because capitalism needs to have some form of fairness in it in order to survive.”
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