Frank McCourt, Gavin Wood team up to create new social media platform

Billionaire Frank McCourt’s caller inaugural Project Liberty teamed up with Gavin Wood’s Polkadot to physique a blockchain that is susceptible of storing societal media users’ information truthful they tin ain and power it.

McCourt commented connected this concern and said:

“We are excited to enactment with Gavin and his colleagues to bring our shared imaginativeness of a healthier web into reality. Not lone are they pioneering innovators, but our values are aligned for however the net should beryllium restructured successful a mode that empowers users, benefits nine and strengthens democracy.”

The task is created successful McCourt’s institution, which works connected processing ethical technology. In summation to the institution’s resources, McCourt donated $100 cardinal to the project.

Major players similar Meta’s Facebook and Instagram presently store their users’ information and tailor it to lucifer close commercials and different content. This generates caller likes and comments that tin beryllium stored and processed to lucifer contented successful the future.

McCourt and Wood reason that decentralized blockchains are the cardinal to giving afloat ownership of information to users. They guarantee that nary azygous information store tin beryllium controlled by immoderate entity and let users to instrumentality their integer information from 1 level to another.

Emphasizing the Project Liberty’s goal, Wood said: 

“Web 3.0 needs a universally accessible societal graph to beryllium successful, arsenic the Web 2.0 societal giants presently person implicit power implicit what users tin accidental oregon bash connected their platforms.”

 Challenges to Project Liberty

One of the biggest challenges the task is tackling is scalability. Large information sets dilatory blockchains down, and nary accepted concatenation tin enactment lucratively arsenic a societal web information storage. 

Wood’s Polkadot is building a decentralized Social Networking Protocol (DSNP) to link aggregate blockchains to maximize velocity and scalability to lick the scalability problem.

Another occupation is popularity. For users to assertion the rights of their data, they’d request to wantonness fashionable societal media platforms and migrate to ones that volition beryllium built connected the Project Liberty. It could beryllium hard for users to permission the platforms their families and friends are besides using.