Real Estate Mogul to Spend $100M on Decentralized Social Networking Protocol

Project Liberty will utilize blockchain technology to build a new type of internet infrastructure aiming to democratize social media data.

Jun 21, 2021 at 4:47 a.m. UTC
Updated Sep 14, 2021 at 1:14 p.m. UTC

Billionaire real estate mogul Frank McCourt will invest $100 million in a project leveraging blockchain technology, attempting to democratize social media data.

According to a report by Bloomberg on Sunday, McCourt's Project Liberty will focus on the development of a publicly accessible database of people’s social connections.

The hope is to encourage a more egalitarian approach by having social media companies, such as Facebook, draw from a shared place of social data.

The project will utilize blockchain technology to build a new type of internet infrastructure dubbed the Decentralized Social Networking Protocol (DSNP).

In a similar way to how blockchain stores information of certain coins and tokens in everyone's wallets, so, too, will the DNSP but for social connections, per the report.

Facebook's stranglehold over the data it owns on social connections between its users currently provides the social media giant with a dominant position in the market.

“We live under constant surveillance, and what’s happening with this massive accumulation of wealth and power in the hands of a few, that’s incredibly destabilizing," said McCourt. "It threatens capitalism because capitalism needs to have some form of fairness in it in order to survive.”

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Coinbase Enters Fortune 500 List of Biggest US Companies

The first crypto company to join the list recorded revenue of over $7.8 billion in fiscal 2021 and placed 437th.

The first crypto company to join the list recorded revenue of over $7.8 billion in fiscal 2021 and placed 437th.

CoinDesk - Unknown
2
CoinDesk - Unknown
Climate Company Flowcarbon Raises $70M Through A16z-Led Round, Sale of Carbon-Backed Token

Flowcarbon aims to drive investment in projects that remove carbon from the atmosphere by creating a protocol that tokenizes carbon credits.

Flowcarbon aims to drive investment in projects that remove carbon from the atmosphere by creating a protocol that tokenizes carbon credits.

CoinDesk - Unknown
3
CoinDesk - Unknown
ECB Warns That Crypto Risks Could Spill Over Into Wider Economy

Given the increasing risks of crypto, it is important to bring it into the regulatory perimeter as a matter of urgency, the European Central Bank said in a report.

Given the increasing risks of crypto, it is important to bring it into the regulatory perimeter as a matter of urgency, the European Central Bank said in a report.

CoinDesk - Unknown
4
CoinDesk - Unknown
Social-Media Disruptor Project Liberty to Run on Polkadot’s Blockchain Network

The partnership follows on from former LA Dodgers owner Frank McCourt earmarking $100 million last year to disrupt incumbent-dominated social media.

The partnership follows on from former LA Dodgers owner Frank McCourt earmarking $100 million last year to disrupt incumbent-dominated social media.

CoinDesk - Unknown