Frank McCourt Announces Investment Consortium to Acquire TikTok
Frank McCourt, the founder of Project Liberty and chairman of McCourt Global, is partnering with Guggenheim Securities and Kirkland & Ellis to acquire the social network TikTok. Their main goal is to redesign TikTok to give users control over their data by integrating the Decentralized Social Networking Protocol (DSNP).
Project Liberty Collaborates with Polkadot for Decentralization
Project Liberty will work with blockchain developers from Polkadot to decentralize TikTok using the Polkadot Frequency Parachain for social networks. McCourt praised Polkadot’s scalability and highlighted the platform’s growing interest with over 605,200 active addresses.
TikTok to Lead the Way in Decentralized Social Networking
If McCourt’s plan succeeds, TikTok could become the first major social network to adopt a decentralized data management model, setting a new standard for digital privacy and security.
