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US billionaire Frank McCourt is leading a consortium to acquire and decentralize TikTok using the Decentralized Social Networking Protocol (DSNP) from Project Liberty. This move aims to address national security concerns and restore control over digital identities and data.

With over 170 million users, TikTok faces pressure from the US government to sell due to alleged links to the Chinese government. McCourt’s initiative, called the “people’s bid,” involves collaboration with Guggenheim Securities and Kirkland & Ellis. His plan includes migrating TikTok to an open-source protocol, leveraging the Polkadot parachain social platform Frequency.

McCourt emphasizes that this decentralization will empower users, offering them control over their online presence and data. He envisions a better internet where individuals own their identities and data, marking a significant shift from the current tech model.

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