Potential US TikTok buyer plans to decentralize TikTok and could build on Polkadot parachain
Frank McCourt wants to transform TikTok into a platform focused on protecting user data.
American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's Decentralized Social Networking Protocol (DSNP).
TikTok, which has more than 170 million users, is being pressured by the US government to sell due to national security concerns and alleged ties to the Chinese government.
McCourt's initiative, called the "people's offer," represents one of several American corporate interests on the platform. In this company he collaborates with the investment bank Guggenheim Securities and the law firm Kirkland & Ellis.
In a press release, McCourt highlighted that the offering aims to empower users by migrating TikTok to an open source protocol. This measure aims to restore control over digital identities and data, giving Americans a meaningful voice and participation in the future of the web.
TikTok meets Polkadot
McCourt's plan to rebuild TikTok with DSNP will leverage Polkadot's social parachain platform, Frequency.
In November 2022, Frequency secured its position as a parachain on the Polkadot network. According to its website, the parachain was created to âempower people to ensure the portability of their content and safeguard their privacy. The protocol allows ownership of digital identity and control of online presence.â
