Former LA Dodgers Owner Puts $100 Million Into Crypto-Based Facebook Alternative

Former Los Angeles Dodgers owner Frank McCourt is trying to rebuild social media with a startup called Project Liberty. In a social media landscape dominated by a few – very powerful – players like Facebook, McCourt is concerned about the disproportionate power these companies wield. "We live under constant surveillance, and what's going on with this enormous accumulation of wealth and power in the hands of the few is incredibly destabilizing," McCourt said. He added that it even threatened capitalism itself, as capitalism "needs some kind of honesty to survive." What is Project Freedom? Project Liberty will rely on blockchain technology to create what is called the "Decentralized Social Networking Protocol" or DSNP. In a decentralized social media environment like this, no company has exclusive access to an individual's data. Instead, this data will be in a public ledger, just as many cryptocurrency transactions are publicly available on their respective blockchains. The DSNP would represent a significant departure from today's social media world, where users inevitably rely on companies like Facebook to store their data, giving them a huge advantage over their competitors. China's central bank has called for broader crypto pressure. McCourt approached Braxton Woodham, co-founder of food delivery service Sun Basket, to help him build the DSNP. "I thought we were just talking about our dreams. I didn't think it was something we would really do," Woodham said. McCourt hired Woodham to build the DSNP and committed $75 million to an institution at Georgetown University in Washington DC and Sciences Po in Paris. The remaining $25 million is intended to encourage entrepreneurs to participate in the construction of the DSNP. Facebook and Social Media Reform Initiatives McCourt's Liberty Project Is Not Blockchain And Decentralized For The First Time

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