Protocol
By Ben Brody and Benjamin Pimentel
May 24, 2022

The blockchain can fix social media

But before the blockchain can fix social media, someone has to fix the blockchain. Frank McCourt, who’s put serious money behind his vision of a decentralized social media future, thinks Gavin Wood may be the key.

Frank McCourt, the billionaire mogul who is donating $100 million to help build decentralized alternatives to the social media giants, has picked a partner to make the blockchain work at Facebook scale: Ethereum co-founder Gavin Wood.

McCourt’s Project Liberty will work with the Web3 Foundation’s Polkadot project, it said Tuesday. Wood launched Polkadot in 2020 after leaving Ethereum. Project Liberty has a technical proposal to allow users to retain their data on a blockchain as they move among future social media services. Wood’s involvement is to give the idea a shot at actually working at the size and speed of a popular social network.

“We are excited to work with Gavin and his colleagues to bring our shared vision of a healthier web into reality,” McCourt said in a statement. “Not only are they pioneering innovators, but our values are aligned for how the internet should be restructured in a way that empowers users, benefits society and strengthens democracy.”