McCourt Invested $100M To Support Decentralized Social Media Project
One of the most influential investors in the cryptocurrency space, Michael McCourt, announced his decision to invest $100 million into a decentralized social media platform.
The bloomberg technology is the latest project that McCourt has invested in. This project will focus on decentralized social media platforms.
The Decentralized Social Media Project received a $100 million investment from McCourt.
Bad conduct may be discouraged by the decentralized platform.
McCourt recruited the co-founder of Sun Basket, a food delivery business.
Frank McCourt, the former owner of the Los Angeles Dodgers and a wealthy real estate tycoon, has launched a new attempt to create a decentralized social media project based on blockchain technology.
The Los Angeles Dodgers are a professional baseball club located in Los Angeles, California.
McCourt spent $100 million in an effort to reinforce the roots of social media by creating a publicly accessible database of people’s social relationships on a blockchain. Bloomberg reported this on Sunday.
Furthermore, rather of being tied into one dominating program, the project liberty seeks to enable users to transfer recordings of their interactions across social media platforms.
Protocol for Decentralized Social Networking (DSNP)
The blockchain technology will now be utilized by a new initiative dubbed the Decentralized Social Networking Protocol to create a new internet infrastructure (DSNP). DSNP will keep track of user information and relationships. Cryptocurrency transactions are used to store data in the same manner that blockchain technology is used to store data.
Furthermore, the power of content moderation may be harmed by this decentralized method. Users who left one site were able to shift their viewership to more liberal platforms.
As a result, according to the study, the decentralized platform may deter bad conduct. This is done because, since blockchain data is irreversible, individuals will be permanently connected to their postings.
More importantly, McCourt recruited Braxton Woodham, the co-founder of the food delivery business Sun Basket. the creation of a decentralized social networking protocol (DSNP). Braxton was also the previous chief technology officer of Fandango, a movie ticketing service.
As a result, a technological institution will be established at Georgetown University in Washington and Sciences Po in Paris. A $75 million investment has been promised by the wealthy businessman. The remaining $25 million would be used to encourage entrepreneurs to develop DSNP-based services.
As a result, According to McCourt,
“We are constantly monitored, and what is occurring with the enormous concentration of money and power in the hands of a few is very destabilizing.”
“It undermines capitalism because capitalism requires some kind of justice to survive,” he said.
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McCourt invested $100M into a decentralized social media project that allows users to control their own data. Reference: tech news.