US billionaire Frank McCourt is spearheading a consortium to purchase TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) from Project Liberty.

TikTok, with over 170 million users, faces pressure from the US government to sell due to national security concerns and alleged ties to the Chinese government.

McCourt’s effort, called the “people’s bid,” is among several US corporate interests in TikTok. He is working with investment bank Guggenheim Securities and law firm Kirkland & Ellis on the initiative.

In a press statement, McCourt emphasized that the bid aims to empower users by shifting TikTok to an open-source protocol. This approach seeks to give Americans significant control over their digital identities and data, shaping the future of the web.

Integrating TikTok with Polkadot

McCourt plans to use DSNP to rebuild TikTok, utilizing the Polkadot parachain social platform Frequency.

Frequency secured its place as a parachain on the Polkadot network in November 2022. The parachain is designed to "empower individuals to ensure content portability and protect privacy," allowing digital identity ownership and control over online presence.

McCourt stated that decentralization would return control and value to users, enabling their participation in the future of the Internet. He remarked:

“The foundation of our digital infrastructure is broken, and it’s time to fix it… This potential acquisition is a unique opportunity to create an alternative to the current tech model that has dominated the internet.”

McCourt’s vision for TikTok also focuses on data protection and empowering social media creators by giving them greater control over their data through DSNP. He said:

“A new and better version of the internet where individuals are respected and they own and control their identity and their data.”

Polkadot enthusiasts have welcomed the news, seeing it as validation of the blockchain network’s technological progress.