Blockchain technology has become very popular in recent years. It contributed to the emergence of the cryptocurrency Bitcoin, in addition to being a revolutionary technology in terms of concept and application.
It seems that this technology is on its way to reaching the world of social networks. The American billionaire and real estate entrepreneur Frank McCourt plans to invest $100 million in an attempt to rebuild the concepts of social networks, relying on this technology.
The project currently bears the name Project Liberty. It aims to make users able to control their social lives more freely and privately, but without relying on some controlling applications like Facebook.
Blockchain in social networks
The project attempts to be a deterrent to the power possessed by social media networks. Especially Facebook, with its various products, which is the strength it has gained over the past decade.
McCourt spoke about the matter from more than one angle. The most prominent of which are the political and economic dimensions. In addition, he criticized the great control that a few people have in this field and the money and power that comes with it, describing the situation as an explicit threat to capitalism.
Indeed, Facebook and other social media companies are suffering from severe criticism. But these criticisms usually do not lead to huge change, as they lead to Facebook pushing to change the way it operates, or supporting startups to compete with Facebook.
However, Frank McCourt, on the other hand, believes that the solution lies in blockchain technology. It is the technology on which Bitcoin and hundreds of other currencies were built.
And McCourt isn’t the only one. Jack Dorsey, founder of Twitter, shares his opinion. Project Liberty will aim to use blockchain technology to create a new infrastructure for social networks.
This infrastructure will depend on a new protocol called “Decentralized Social Networking Protocol.” As is known, Facebook stores a large amount of user information, for example.
However, the new protocol will store this information in a decentralized manner. That is, it will not be registered with a specific party, but rather in an encrypted form based on blockchain technology, unlike the current situation.
Contrary to what some people think, blockchain technology is not only about cryptocurrencies, but it is suitable for encrypting and storing any type of data.
Establishment of the DSNP protocol for social networks
Known as DSNP, the Decentralized Social Networking Protocol won’t be built by McCourt, but rather by Braxton Woodham, the CEO of food delivery service Sun Basket and former CTO at Fandango.
McCourt plays the role of an investor in this process, in addition to the fact that the amount he intends to invest will be distributed among more than one party to serve the project.
Woodham has long looked to build this type of technology. However, it was difficult to find an investor in this field, but this has finally happened.
