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According to Frank McCourt, the usage of blockchain may deter negative conduct since people would be bound to their posts in perpetuity.
Frank McCourt, a wealthy real estate magnate and former owner of the Los Angeles Dodgers, is supporting a new blockchain-based decentralised social media initiative.
McCourt is investing $100 million into an attempt to reinvent the foundations of social media by building a publicly accessible database of people’s social connections on a blockchain, Bloomberg reported Sunday.
“Project Liberty” aims to allow users to move records of their interactions between social media services instead of being locked into a few dominant applications. The project would use blockchain technology to construct a new internet infrastructure called the Decentralized Social Networking Protocol (DSNP). The DSNP would keep user records and connections in a similar way to how a blockchain stores data regarding cryptocurrency transactions.
This decentralised method has the potential to weaken the efficacy of content filtering by allowing users who are removed from one site to simply shift their viewership to more tolerant ones. According to the article, the platform may also deter negative conduct since users would be permanently linked to their postings because blockchain data is irreversible.
McCourt engaged Braxton Woodham, the co-founder of food delivery startup Sun Basket and former chief technical officer at movie ticket website Fandango, to create the DSNP. The wealthy industrialist has committed to invest $75 million in a technological research institution at Georgetown University in Washington and Sciences Po in Paris, with the remaining $25 million going towards encouraging entrepreneurs to create DSNP-based businesses.
McCourt said that the platform could address the current distribution of power in social media:
“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. It threatens capitalism because capitalism needs to have some form of fairness in it in order to survive.”
A number of initiatives and organisations have employed distributed ledger technology in social media since the birth of blockchain technology. Earlier this month, Twitter CEO Jack Dorsey announced intentions to incorporate Bitcoin’s Lightning Network sidechain into Twitter or BlueSky, its decentralised social network.
Voice, an EOSIO-based social media initiative, went online last year, as previously reported. Previously, a Yale professor and a Goldman Sachs veteran were going to create Revolution Populi, a blockchain-based Facebook competitor.