Reddit co-founder joins the hunt for TikTok and wants to bring it to the blockchain

Reddit co-founder Alexis Ohanian has joined billionaire Frank McCourt’s The People’s Bid for TikTok campaign with acquisition of TikTok — as a strategic advisor. McCourt also leads Project Liberty, an organization that aims to give users more control over their data through the use of blockchain technology.

Ohanian expressed his intention to turn TikTok into a platform where users and content creators will have more control over their own data and audience. He named a potential new version of the social platform TikTok: Freedom Edition.

«Officially, I am now one of those trying to buy TikTok in the US – and make it online. TikTok has changed the rules of the game for creators, and its future must be built by them. Users must own their data. Creators must own their audience. That’s it. With frequency, these principles will become a reality. And thanks to a transparent and accountable framework, the new TikTok will not just be fairer – it will be even greater», — wrote It’s on the X platform.

The People’s Bid for TikTok consortium has already offered ByteDance, TikTok’s Chinese parent company, $20 billion in cash for the platform’s U.S. assets. However, some analysts believe that TikTok could be worth much more, even without the inclusion of a recommendation algorithm.

McCourt’s Project Liberty is based on the Decentralized Social Networking Protocol (DSNP), an open blockchain protocol that allows users to control their data and connections on social networks without the mediation of centralized platforms. If this technology is integrated into TikTok, it could change the entire social media industry.

U.S. law requires TikTok to sever ties with ByteDance, otherwise the social network will be banned. President Donald Trump extends the deadline for finding a new owner until early April 2025.

TikTok is also being hunted by Microsoft, artificial intelligence startup Perplexity AI, and a consortium that includes the CEO of Roblox. Some offers are worth more than $30 billion.

Source: Reuters