TechFlow news, according to CryptoSlate, American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's Decentralized Social Networking Protocol (DSNP).
McCourt's initiative, known as the "people's bid," represents one of several U.S. corporate interests vying for the platform. He is working with investment bank Guggenheim Securities and law firm Kirkland & Ellis on the deal.
In a press statement, McCourt emphasized that the bid aims to empower users by migrating TikTok to an open-source protocol. The move is intended to restore individual control over digital identity and data, giving Americans a significant voice and stake in the platform’s future.
It was reported that McCourt plans to rebuild TikTok using DSNP, leveraging Frequency, a Polkadot parachain social platform. Additionally, McCourt’s vision for TikTok prioritizes data protection and supports content creators by granting them greater control over their data through DSNP.
