TikTok's US efforts receive backing from Reddit co-founder
In a move that could potentially reshape the social media landscape, Alexis Ohanian, co-founder of Reddit, has revealed his involvement in efforts to transition TikTok's U.S. operations to a blockchain-based platform.
Ohanian, who has invested in crypto and Web3 projects through his venture firm, Seven Seven Six, is among those involved in a bid to acquire TikTok's U.S. operations, joining billionaire Frank McCourt and Project Liberty. The bid aims to shift TikTok from centralized data control to a blockchain-based system, allowing users to manage their own data.
The bid aligns with Ohanian's long-standing interest in decentralization and user empowerment in digital spaces. He has backed blockchain startups, NFT platforms, and decentralized networks. Ohanian's expertise in social media, gained from his co-founding role at Reddit, will be a significant asset for the TikTok bid, according to McCourt.
The new TikTok, if successful, could potentially address regulatory and security issues surrounding TikTok in the U.S. The proposed Web3-powered TikTok could provide a more transparent and accountable social media platform, addressing concerns about data privacy and security.
Ohanian believes that the new TikTok, with a decentralized model, will not just be fairer, but greater. He has further explained that the future of TikTok should be built by its creators. The joint bid by McCourt and Ohanian for TikTok's U.S. operations presents a bold alternative, aiming to reshape social media ownership through Web3 technology.
The bid is centred around the implementation of "Frequency," a decentralized social network protocol powered by Polkadot. Frequency will help establish a decentralized model where users control their data and creators have full ownership of their audience.
Reuters first reported Ohanian's involvement in the bid on March 3. Ohanian has not held any cryptocurrency positions or owned any crypto stocks, according to search results, although further details about his personal or professional background are not currently available.
Regulatory scrutiny and national security concerns continue to cast doubt on TikTok's future in the U.S. The proposed Web3-powered TikTok could offer a solution to these issues, providing a secure and transparent platform for users and creators alike.
Ohanian has confirmed that he will serve as a strategic adviser in the bid, bringing his expertise in social media and blockchain technology to the initiative. The future of TikTok, according to Ohanian, will have transparency and accountability at its core.
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