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Highlights
- American billionaire Frank McCourt is coming up with a blockchain-based project to create a database of individuals' social connections.
- Project Liberty will be based on blockchain technology, and it will be used to create a new infrastructure to compete with Facebook.
- Brazton Woodham, the co-founder of Sun Basket, has been roped in to build Project Liberty.
As blockchain technology becomes mainstream across the world, an American real estate mogul has decided to reinvent the foundations of the internet by using rapidly evolving technology.
The American civic entrepreneur Frank McCourt is coming up with a blockchain-based project to create a database of individuals' social connections that will be publicly accessible.
Named Project Liberty, this project aims to enable people to move records of their relationships from one social media platform to another.
What is Facebook blockchain rival Project Liberty & how to buy its stock?
It is alleged that the current social media apps lock their users and don't give them the freedom to migrate from one platform to another.
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Mr McCourt will invest US$ 100 million in Project Liberty. It will likely serve as an alternative to Facebook, as it is under scrutiny for holding absolute power through users' data and have generated a massive users base through the social media platform, now even Instagram.
What is Project Liberty? All you must know about Facebook’s rival
This platform will be based on blockchain technology, and it will be used to create a new infrastructure known as Decentralized Social Networking Protocol (DSNP). Just like blockchain stores information about cryptocurrencies in users' digital wallets, DSNP will do that for social connections.
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Project Liberty is being dubbed as Facebook's rival as the social media platform allegedly has an advantage over competitors as it stores an enormous amount of user data.
The blockchain-based project aims to build an open and inclusive data economy to put citizens in control. There is a lot of focus on data in today's world, and big tech organizations often draw criticism for manipulating user choice by analyzing the data.
Brazton Woodham, the co-founder of Sun Basket, a subscription-based meal delivery service, has been roped in to build Project Liberty. Mr McCourt will grant US$ 75 million to the different institutes to research technology that serves humankind.
In addition, US$100 million will be kept for entrepreneurs building services that harness the potential of DSNP.
Bottom line
Project Liberty aims to build a new infrastructure to serve people's needs in the digital world.
According to the project's website, in future, a token-based reward layer will be developed for users who use this platform or migrate to applications built on DSNP. However, as of now, there's no information on the Project Liberty coin.
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Those interested in the Project Liberty stock will have to wait for a public debut if there is one. Investors cannot buy the stock right now as it does not exist in the equities market.
