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.”