financetom
Technology
financetom
/
Technology
/
Frank McCourt's Decentralized Internet Project Enters Ethereum Ecosystem With Consensys Partnership
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Frank McCourt's Decentralized Internet Project Enters Ethereum Ecosystem With Consensys Partnership
Nov 20, 2024 7:33 PM

Project Liberty, which is building a decentralized social media ecosystem, is working with Consensys to expand into Ethereum (ETH).The project is "meeting the zeitgeist" and is population-scale ready, founder Frank McCourt said in an interview.Project Liberty, billionaire Frank McCourt's attempt to create a decentralized social media platform, is partnering with Ethereum developer Consensys to enter that blockchain's ecosystem.

Under the agreement, announced on Wednesday, Project Liberty's Frequency blockchain will become compatible with Consensys' technology, including the Linea layer-2 network that uses "zero knowledge" privacy technology to achieve massive transaction throughput and the MetaMask self-custody wallet, which has 30 million monthly active users.

The added compatibility may help spur interest in Frequency and its Decentralized Social Networking Protocol (DSNP), an open standard for moving data around, while generating fee income for Linea. Frequency is already one of the largest parachains in the Polkadot environment, and the plan is to add other blockchains as the non-profit organization looks to expand its reach to a wider user base.

Project Liberty says it wants to reduce consumer reliance on monolithic social media companies, such as Elon Musk's X (formerly Twitter) and Meta's (META) Facebook. User dissatisfaction has already led to an exodus from X, including to Meta's alternative called Threads. Many have flocked to Bluesky, which is set up as a public benefit corporation and embraces decentralization principles that echo Project Liberty's, following the U.S. election two weeks ago. Bluesky has added 1 million accounts on some days and this week crossed the 20 million user threshold.

"We all know how the network effect works, and when you own so many relationships and so many people in your walled garden, you have a privilege versus everyone else," McCourt said in an interview. "By opening up and creating this universal social graph that's accessible by everyone, where individuals control their stuff, you then have the network effect embedded in the internet."

The scope of Project Liberty's vision is wider and deeper than just tackling some of the more prominent abuses found in social media, however. According to the company, it's about building a fairer internet, devoid of walled gardens and surveillance capitalism, closely aligning the project with Web3, a concept originally espoused by technologists like Consensys chief Joe Lubin.

"This is a transformative moment, in my opinion," McCourt said. "We're meeting the zeitgeist where it is with something that's been extremely well engineered and thoughtfully done with a massive amount of time and money invested in it. We need an internet where we're not eventually clicking on the terms and conditions of use of apps, but the apps are clicking on our terms and conditions of use for our data."

Over five years in the making and with some $500 million backing it, Project Liberty says it's "population-scale" ready. Interoperability is the key to realizing this goal and is inevitable, McCourt said, recalling a telecommunications company called RCN that his family started back in the early 1990s, which foresaw the harmonization among large incumbent telcos that happened later in the decade.

People will look back in 10 years and find it absurd that you had to be on Facebook to talk to someone on Facebook, McCourt said.

"I think when people are empowered, they're going to move fast," McCourt said.

The Project Liberty Summit on the Future of the Internet takes place this week in Washington, D.C., on Nov. 21-22.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
MiMedia Holdings Signs Distribution Agreement with Device Manufacturer coolpad
MiMedia Holdings Signs Distribution Agreement with Device Manufacturer coolpad
May 26, 2025
01:37 PM EDT, 05/22/2025 (MT Newswires) -- MiMedia Holdings ( MIMDF ) on Thursday said it signed a global distribution agreement with device manufacturer coolpad. According to the agreement, MiMedia ( MIMDF ) will seek to integrate its platform in up to 5 million coolpad mobile devices, including smartphones, over the next two years. We are excited to partner with...
Amazon tests AI audio summaries for products, expanding tech giant's AI push (May 21)
Amazon tests AI audio summaries for products, expanding tech giant's AI push (May 21)
May 26, 2025
(This May 21 story has been corrected to fix a typo in the headline) (Reuters) - Amazon ( AMZN ) is testing AI-powered short-form audio summaries on select product detail pages, the e-commerce giant said on Wednesday, as tech companies continue to integrate artificial intelligence across their platforms. The new feature offers summaries about products based on an AI-driven analysis...
Factbox-Top cases before the US Supreme Court
Factbox-Top cases before the US Supreme Court
May 26, 2025
(Reuters) -The U.S. Supreme Court's current term includes cases involving birthright citizenship, guns, gender-affirming medical care for transgender minors, online pornography, religious rights, preventive healthcare, Planned Parenthood funding, job discrimination, federal regulatory powers on nuclear waste storage and vape products, voting rights and more. Here is a look at some of the cases already argued and decided and still to...
Amazon tests AI audio summaries for products, expanding tech giant's AI push (May 21)
Amazon tests AI audio summaries for products, expanding tech giant's AI push (May 21)
May 26, 2025
May 21 (Reuters) - Amazon ( AMZN ) is testing AI-powered short-form audio summaries on select product detail pages, the e-commerce giant said on Wednesday, as tech companies continue to integrate artificial intelligence across their platforms. The new feature offers summaries about products based on an AI-driven analysis of product details, customer reviews, and other related information from the internet....
Copyright 2023-2025 - www.financetom.com All Rights Reserved