Frank McCourt, founder of Project Liberty and chairman of McCourt Global, said his company has formed an investment consortium to buy social entertainment network TikTok. As part of the project, McCourt is collaborating with investment bank Guggenheim Securities and law firm Kirkland & Ellis.
McCourt and his partners intend to redesign the platform to provide all TikTok users with unconditional control over their digital identity and use of personal data through the integration of the decentralized social networking protocol (DSNP).
Project Liberty will work to decentralize the TikTok network in partnership with the Polkadot blockchain team. McCourt's plan to reorganize TikTok will be implemented on the Polkadot Frequency social media parachain.
McCourt added that he believes the Polkadot ecosystem provides a higher level of scalability than other blockchains. And the active position of the Polkadot team, which promotes slots for parachains, has caused high demand from projects wishing to become part of this ecosystem in the future.
According to Parity Data, at the beginning of April the number of active addresses in the Polkadot blockchain ecosystem reached 605,200.
Source: Bits
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