Reddit co-founder Alexis Ohanian has teamed with billionaire Frank McCourt to go for the purchase of TikTok’s U.S. operations.
Part of Project Liberty’s program called “The People’s Bid for TikTok,” he is serving as a strategic advisor in this initiative meant to transform the platform by means of a block chain based, decentralized system meant to improve user control of privacy and data.
Ohanian posted the news on X (formerly Twitter) that his project was thrilling. He said;
“I’m officially now one of the people trying to buy TikTok US — and bring it onchain.”
Since he underlines blockchain technology, the purchase could fundamentally transform TikTok’s operating in respect to data privacy and user autonomy.
Project Liberty aims to use blockchain technology to better protect privacy, security, and digital independence for consumers if they buy TikTok successfully.
The goal is to create a framework wherein users have more say over their personal information and content.
Ohanian, Reddit co-founder, jokingly recommended renaming it “TikTok: Freedom Edition” upon being requested about possible rebranding.
His remark underscores the aim of the initiative to foster openness and autonomy in social media platforms.
This purchase bid comes after a federal act former U.S. House of Representatives signed into effect, President Joe Biden in 2020.
The Act compels TikTok to sever connections with its China based parent company, ByteDance, by January 19 or face total prohibition in the United States.
ByteDance has had to search possible buyers for its U.S. assets in response to this changing legal landscape. activities.
Project Liberty’s vision is based on encouraging user data ownership and including block chain based openness into TikTok’s design.
Still, this big strategy is under fierce competition since other major technology companies and investors too want to purchase TikTok.
The fight for power over one of the globe’s most popular social media channels is intensifying as deadline for ByteDance’s divestment draws closer.
