According to Odaily, American billionaire Frank McCourt is spearheading a consortium to acquire TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) of Project Liberty. This initiative, known as the 'people's bid', represents the interests of several American companies on the platform. McCourt is collaborating with investment bank Guggenheim Securities and law firm Kirkland & Ellis to carry out this venture.
In a press statement, McCourt emphasized that the bid aims to empower users by migrating TikTok to an open-source protocol. This move is intended to regain control over digital identity and data, giving Americans a significant say and stake in the future of the network. McCourt plans to rebuild TikTok with DSNP and will utilize the Polkadot parallel chain social platform Frequency.
