- McCourt invested $100 M to support Decentralized Social Media Project.
- The decentralized platform could also discourage bad behavior.
- McCourt hired the co-founder of the meal delivery service Sun Basket.
A new effort for a decentralized social media project based on blockchain technology supported by the former owner of the Los Angeles Dodgers and a billionaire real estate mogul, Frank McCourt.
Los Angeles Dodgers is the American professional Baseball team based in Los Angeles.
In an attempt to reaffirm the foundations of social media by making a publicly approachable database of people’s social connections on a blockchain, McCourt invested $100 million. This reported by Bloomberg on Sunday.
Moreover, the project liberty aims to allow users to move records of their interactions between social media services rather than being locked into some dominant applications.
Decentralized Social Networking Protocol (DSNP)
Henceforth, the blockchain technology used by a new project to build a new internet infrastructure called the Decentralized Social Networking Protocol (DSNP). DSNP will maintain user records and connections. Like the same way how blockchain technology stores the data is based on cryptocurrency transactions.
Furthermore, this decentralized approach can compromise the power of content moderation. Users who ceased out from one platform, allowed to move their audiences to more liberal ones.
Accordingly, as per the report, the decentralized platform could also discourage bad behavior. This is done because people would be attached to their posts forever, as blockchain data is immutable.
More so, McCourt hired the co-founder of the meal delivery service Sun Basket, Braxton Woodham. To build a Decentralized Social Networking Protocol (DSNP). Braxton also a former chief technology officer at the movie ticket website Fandango.
Henceforth, in an institute at Georgetown University in Washington, and Sciences Po in Paris for technology. The billionaire businessman pledged to put in $75 million. And the balance of $25 million will helped to push entrepreneurs to build DSNP-based services.
Hence more, McCourt stated,
“We live under constant surveillance, and what’s happening with this massive accumulation of wealth and power in the hands of few, that’s incredibly destabilizing”
Also added, “It threatens capitalism because capitalism needs to have some form of fairness in it to survive”.
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Source: https://thenewscrypto.com/mccourt-invested-100m-to-support-decentralized-social-media-project/
