Former LA Dodgers owner earmarks $100M to Get blockchain-based social media

The use of blockchain could discourage bad behavior because people are tied to their own articles eternally, Frank McCourt explained.
Frank McCourt, a billionaire real estate mogul and former operator of the Los Angeles Dodgers, is financing a new campaign for a decentralized social media project predicated on blockchain technology.McCourt is investing $100 million to a try to reinvent the foundations of social media by constructing a publicly available database of people’s social connections onto a blockchain, Bloomberg reported Sunday. “Project Liberty” aims to allow users to move records of the interactions involving social media services instead of being locked into some dominant applications. The undertaking would use blockchain technology to construct a new internet infrastructure called the Decentralized Social Networking Protocol (DSNP). The DSNP would maintain user connections and records in a similar approach to how a blockchain stores data regarding cryptocurrency transactions.¬† This decentralized system has the capacity to undermine the ability of articles moderation by enabling users who are kicked from a single stage to just move their audiences to more nearest and dearest. The platform may also discourage bad behavior because people would be tied to their own articles indefinitely, as blockchain data is immutable, the accounts notes.In order to build the DSNP, McCourt hired Braxton Woodham, the co-founder of their meal delivery service Sun Basket and former chief technology officer in the movie ticket website Fandango. The billionaire company pledged to place $75 million into an seminar at Georgetown University in Washington, and Sciences Po in Paris for tech research, although the remaining $25 million would be steered into forcing entrepreneurs to build DSNP-based services.McCourt stated that the stage could address the current distribution of electricity in social media:”We live under constant surveillance, and what’s happening with this large accumulation of power and wealth in the hands of some, that is incredibly destabilizing. It simplifies capitalism because capitalism ought to have some form of equity in it in order to survive.” Connected: Jack Dorsey claims he will incorporate Lightning Network to Twitter or even BlueSkySince the beginning of blockchain technology, numerous projects and companies have used distributed ledger technology in social media. Earlier in June, Twitter CEO Jack Dorsey disclosed plans to incorporate Bitcoin’s Lightning Network sidechain into Twitter or its own social social network BlueSky.As previously reported, the EOSIO-based social media endeavor Voice went last year. Formerly, a Yale professor and a Goldman Sachs veteran were planning to design an blockchain-based Facebook rival named Revolution Populi.

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