Blockchain technology has become very popular in previous years. As it contributed to the emergence of the cryptocurrency Bitcoin, besides being a revolutionary technology in terms of concept and application.
It seems that this technology is on its way to reach the world of social networks. American billionaire and real estate entrepreneur Frank McCourt plans to invest $100 million in an attempt to rebuild social networking concepts, using this technology.
The project is currently called Project Liberty. It aims to make users able to control their social lives more freely and privately, but without relying on some dominant applications such as Facebook.
The project attempts to act as a deterrent to the power of social networks. Especially Facebook with its various products, which is the strength it has gained over the past decade.
McCourt talked about it in more ways than one. Most notably the political and economic dimensions. In addition, he criticized the great control that few people have in this field and the money and power that comes with it, describing the situation as an outright threat to capitalism.
Indeed, Facebook and other social media companies are suffering from heavy criticism. But these criticisms usually do not lead to a huge change, as they lead to pushing Facebook to change the way it operates, or support startups to compete with Facebook.
Frank McCourt, on the other hand, believes that the solution lies in blockchain technology. It is the technology on which Bitcoin and hundreds of other currencies are built.
And McCourt isn’t the only one. Twitter CEO Jack Dorsey shares his opinion. As Project Liberty will aim to use blockchain technology to create a new infrastructure for social networks.
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This infrastructure will depend on a new protocol called the Decentralized Social Networking Protocol. As is known, Facebook stores a large amount of information about users, for example.
However, the new protocol will store this information in a decentralized way. That is, it will not be registered with a specific party, but rather in an encrypted form based on blockchain technology, unlike the current situation.
Contrary to what some think, blockchain technology is not only about digital currencies, but is suitable for encrypting and storing any type of data.
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Known as DSNP, the Decentralized Social Networking Protocol will not be built by McCourt, but rather it will be the task of Braxton Woodham, CEO of food delivery service Sun Basket and former CTO of Fandango.
McCourt plays the role of the investor in this process, in addition to the fact that the amount he intends to invest will be distributed to more than one party to serve the project.
Woodham has long been looking to build this kind of technology. However, it was difficult to find an investor in this field, but this has finally happened.
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