TikTok's US Effort Gains Support from Reddit's Creator
In a move that could reshape the future of social media, Alexis Ohanian, co-founder of Reddit, and Frank McCourt have joined forces with Oracle, Silver Lake, and Andreessen Horowitz to bid for TikTok's U.S. operations. The consortium aims to acquire 80% of TikTok USA, with ByteDance retaining around 20% ownership.
Ohanian, known for his expertise in social media, will serve as a strategic adviser in the initiative. His involvement aligns with his long-standing interest in decentralization and user empowerment in digital spaces.
The bid focuses on transitioning the popular video-sharing app to a blockchain-based platform, aiming to establish a decentralized model where users control their data and creators have full ownership of their audience. This shift from centralized data control is intended to promote fairness, transparency, and accountability.
Ohanian's venture firm, Seven Seven Six, has invested in various crypto and Web3 projects. He has also backed blockchain startups, NFT platforms, and decentralized networks. McCourt, too, highlighted Ohanian's background in social media as a significant asset for the TikTok bid.
The joint bid by McCourt and Ohanian presents a bold alternative to TikTok's future in the U.S., focusing on Web3 technology. Project Liberty, a group associated with the bid, plans to implement "Frequency," a decentralized social network protocol powered by Polkadot. Frequency is intended to establish a decentralized model where users control their data and creators have full ownership of their audience.
Regulatory scrutiny and national security concerns continue to cast doubt on TikTok's future in the U.S. However, the new TikTok, with its focus on decentralization, transparency, and accountability, could offer a promising solution to these concerns.
Reuters first reported Ohanian's involvement in the TikTok bid on March 3. Ohanian has also revealed that he will serve as a strategic adviser in the initiative, bringing his expertise in social media. With his involvement, the TikTok bid aims to reshape social media ownership through Web3 technology.
In conclusion, the bid by McCourt, Ohanian, and their partners presents an exciting opportunity for TikTok to transition to a blockchain-based platform, promoting fairness, transparency, and accountability. The future of social media could be on the brink of a significant change, and this bid could pave the way for a new era of user-controlled data and decentralized social media.
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