Frank McCourt, a billionaire actual property mogul and former proprietor of the Los Angeles Dodgers, is backing a brand new effort for a decentralized social media undertaking primarily based on blockchain expertise.

McCourt is investing $100 million into an try and reinvent the foundations of social media by constructing a publicly accessible database of individuals’s social connections on a blockchain, Bloomberg reported Sunday.

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“Mission Liberty” goals to permit customers to maneuver data of their interactions between social media providers as a substitute of being locked into a couple of dominant functions. The undertaking would use blockchain expertise to assemble a brand new web infrastructure known as the Decentralized Social Networking Protocol (DSNP). The DSNP would preserve consumer data and connections in an identical strategy to how a blockchain shops knowledge concerning cryptocurrency transactions. 

This decentralized method has the potential to undermine the ability of content material moderation by permitting customers who’re kicked out of 1 platform to easily transfer their audiences to extra permissive ones. The platform might additionally discourage unhealthy conduct as a result of folks could be tied to their posts ceaselessly, as blockchain knowledge is immutable, the report notes.

With a view to construct the DSNP, McCourt employed Braxton Woodham, the co-founder of the meal supply service Solar Basket and former chief expertise officer on the film ticket web site Fandango. The billionaire businessman pledged to place $75 million into an institute at Georgetown College in Washington, and Sciences Po in Paris for expertise analysis, whereas the remaining $25 million might be channeled into pushing entrepreneurs to construct DSNP-based providers.

McCourt mentioned that the platform might tackle the present distribution of energy in social media:

“We stay underneath fixed surveillance, and what’s occurring with this large accumulation of wealth and energy within the fingers of some, that’s extremely destabilizing. It threatens capitalism as a result of capitalism must have some type of equity in it so as to survive.”

Associated: Jack Dorsey says he will integrate Lightning Network into Twitter or BlueSky

For the reason that inception of blockchain expertise, various initiatives and firms have used distributed ledger expertise in social media. Earlier in June, Twitter CEO Jack Dorsey disclosed plans to combine Bitcoin’s Lightning Community sidechain into Twitter or its decentralized social community BlueSky.

As beforehand reported, the EOSIO-based social media undertaking Voice went live last year. Beforehand, a Yale professor and a Goldman Sachs veteran had been planning to design a blockchain-based Facebook rival known as Revolution Populi.