Former Los Angeles Dodgers owner spends $100 million on blockchain-based social media

[ad_1]

The billionaire real estate tycoon and former owner of the Los Angeles Dodgers, Frank McCourt, is supporting a new effort for a decentralized social media project based on blockchain technology.

McCourt is investing $100 million in an attempt to reshape the foundation of social media by building a publicly accessible database of people’s social relationships on the blockchain. Bloomberg Report on Sunday.

“Project Liberty” aims to allow users to move their interaction records between social media services, rather than being locked into a few dominant applications. The project will use blockchain technology to build a new Internet infrastructure called Decentralized Social Network Protocol (DSNP). DSNP will store user records and connections in a way similar to the way the blockchain stores data about cryptocurrency transactions.

This decentralized approach allows users who have been kicked out of a platform to simply transfer their audience to a more relaxed platform, which may weaken the power of content review. The report states that the platform can also prevent bad behavior because people will always be associated with their posts because blockchain data is immutable.

To establish DSNP, McCourt hired Braxton Woodham, co-founder of food delivery service Sun Basket and former CTO of movie ticketing website Fandango. The billionaire businessman promised to invest $75 million in technical research at Georgetown University in Washington and the Institute of Political Sciences in Paris, while the remaining $25 million will be used to promote entrepreneurs to build DSNP-based services.

McCourt said that the platform can solve the current power distribution problem in social media:

“We live under constant surveillance, and what happens when we accumulate wealth and power in the hands of a few people is incredibly unstable. It threatens capitalism because it requires some form of fairness to survive. .”

related: Jack Dorsey said he will integrate Lightning Network into Twitter or BlueSky

Since the birth of blockchain technology, many projects and companies have used distributed ledger technology in social media. In early June, the CEO of Twitter Jack Dorsey It disclosed plans to integrate Bitcoin’s Lightning Network sidechain into Twitter or its decentralized social network BlueSky.

As mentioned earlier, the EOSIO-based social media project Voice Online last yearPreviously, a Yale University professor and a Goldman Sachs veteran were Plans to design a blockchain-based Facebook The opponent is called the revolutionary people.