US billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) from Project Liberty.TikTok, boasting over 170 million users, is being pressured by the US government to sell due to national security concerns and purported links to the Chinese government.McCourt’s initiative, termed the “people’s bid,” represents one of several US corporate interests in the platform. He is collaborating with investment bank Guggenheim Securities and law firm Kirkland & Ellis on this venture.In a press statement, McCourt highlighted that the bid aims to empower users by migrating TikTok to an open-source protocol. This move intends to restore control over digital identities and data, offering Americans a significant voice and stake in the web’s future.TikTok meets PolkadotMcCourt’s plan to rebuild TikTok with DSNP will leverage Polkadot parachain social platform Frequency.In November 2022, Frequency secured its position as a parachain on the Polkadot network. According to its website, the parachain was built to “empower individuals to ensure the portability of their content and safeguard their privacy. The protocol enables ownership of digital identity and control over online presence.”McCourt noted that the decentralization move would return control and value to the users while empowering them to participate in the future of the Internet. He commented:“The foundation of our digital infrastructure is broken, and it’s time to fix it… We see this potential acquisition as an incredible opportunity to catalyze an alternative to the current tech 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 through DSNP. He said:“A new and better version of the internet where individuals are respected and they own and control their identity and their data.”Meanwhile, several Polkadot enthusiasts have welcomed the news, viewing it as proof of the blockchain network’s technological advancements.Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Must-read crypto news & insights. Delivered daily.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.SubQuery said these RPCs are the first on Substrate-based networks and will be operated by over 30 independent Node Operators.Hydration said the funding will boost the liquidity and efficiency of its single-sided liquidity provisioning platform, Omnipool.Accelerate Polkadot said it wants to provide the de facto answers to Polkadot’s developers questions.The Decentralized Fund inititaive is designed to support Polkadot-focused organizations with funding.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
