This real estate billionaire will invest $ 100 million to replace Facebook.



June 21, 2021

5 min read

This article is translated from our Spanish edition using artificial intelligence technologies. Errors may exist due to this process.

Real estate billionaire Frank McCourt full of determination replace Facebook and will invest about $ 100 million do this way. Former owner of the Los Angeles Dodgers baseball team created Project Freedom from which he intends to take away the power from the social network of Mark Zuckerberg and other dominant applications in relation to the data of social connections of Internet users.

McCourt’s idea is to build public database people social connections, Bloomberg reports. This will allow users to control their posts and move them between different social networks, instead of being limited to a few dominant apps.

IN The Freedom Project was was born as a response to the fear caused by the power that some large companies, especially Facebook accumulated over the past decade. Zuckerberg’s social network, now linked to Instagram , Whatsapp other data on all social connections between its users , which gives him a huge advantage over the competition.

“I never thought that I would doubt the security of our core systems, namely democracy and capitalism. McCourt said in a statement. “We live under constant surveillance, and what happens to this massive accumulation of wealth and power in the hands of a few is incredibly destabilizing. This threatens capitalism because capitalism needs some form of justice to survive. “

How will the new digital social media database work?

Project Freedom would use blockchain technologies to create a new infrastructure called Decentralized Social Media Protocol (ДСНП).

When it comes to cryptocurrencies , the blockchain stores information about tokens in digital wallets. When DSNP , the same will happen with social connections

The brainchild comes from Braxton Woodham , co-founder of Sun Basket food delivery service and former CTO of Fandango, a movie ticketing site. One day, he shared his thoughts with McCourt, who immediately became interested and hired him to create the protocol for the now called Project Liberty.

In addition, the entrepreneur has pledged to invest $ 75 million in the Georgetown University Institute in Washington DC and Science Po in Paris to research technologies that serve the common good. The remaining 25 million will be used to encourage entrepreneurs to build services using DSNP.

Frank McCourt is not the only one who wants to decentralize information

Other businessmen and governments are trying restructure social networks with new laws, regulations or technologies forcing Facebook to rethink its business model.

This is the case with Jack Dorsey , Twitter CEO who promoted Bluesky project , also based on blockchain … After his social network vetoed former President Donald Trump, he indicated that the technology would reduce the risk of private companies making decisions for users.

“The reason I love Bitcoin so passionately has a lot to do with the model it demonstrates: a fundamental internet technology that is not controlled or influenced by any particular person or organization. “Dorsey wrote on January 13th. “This is what the Internet wants to be, and it will get bigger over time. … “

Many critics have pointed out that the level of power that companies have on social media allows it to be exercised. abusive behavior with your users , arguing their responsibility for content moderation.

In this sense, McCourt and Woodham argue that if the data is stored on the blockchain, bad social media behavior will not be encouraged as people will be forever associated with their posts.

“The end result will be an open and inclusive data economy in which people own, control, and derive great social and economic value from their personal information,” said in a press release.

“What do social media users really have to lose? Look at the cesspool created, “McCourt said.” See what a reality the Internet has become, ”he concludes.


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