Home / About / Advertise / Submit Press Release
    Business

    Leading a bid to acquire TikTok and integrate it with blockchain technology, Reddit's Alexis Ohanian is setting a new course for the platform.

    In a bold move, Alexis Ohanian, who helped establish Reddit, has taken steps to purchase TikTok's operations in the U.S. The vision? To completely overhaul the platform with blockchain technology, providing users with control over their own data while allowing creators to truly own their following.
    Oliver Dale By No Comments 4 Mins Read
    TikTok

    TLDR

    • Alexis Ohanian has teamed up with Project Liberty to attempt a purchase of TikTok's U.S. sector, marking a transformative mission for the platform.
    • The strategy is to transition TikTok onto the blockchain using an advanced protocol known as Frequency.
    • This ambitious project aims to empower everyday users by giving them ownership of their data and creators greater authority over their audiences.
    • Frank McCourt, who initiated Project Liberty, introduces the initiative as 'The People’s Bid,' emphasizing a goal of sheer transparency in how the platform functions.
    • Amidst rising security concerns, TikTok is under pressure to divest its U.S. operations or potentially face prohibition unless its owner, ByteDance, complies.

    Alexis Ohanian of Reddit fame has declared his part in this high-stakes endeavor. Ohanian unveiled his participation in a bid to take over TikTok's U.S. dealings.

    The entrepreneur shared on March 3 about his collaboration with Project Liberty, aiming to enhance TikTok by leveraging blockchain for unprecedented control over digital assets.

    Ohanian's announcement on X (formerly known as Twitter) highlighted a collaborative effort to take TikTok to the blockchain universe while ByteDance faces the possibility of parting with its U.S. interests under political duress.

    Frank McCourt, a prominent American entrepreneur, established Project Liberty as a means to radically redesign platforms, enabling people to reclaim control over their digital presence.

    The moniker 'The People’s Bid' was chosen by McCourt to encapsulate the group's ambition to refashion TikTok toward a model that emphasizes direct data governance by users and autonomy for content creators.

    Ohanian voiced emphatic beliefs about how social platforms should evolve: individuals must possess rights to their data, and content creators deserve full autonomy over their audience.

    If the acquisition prevails, the deployment of the 'Frequency' protocol will occur—this is a groundbreaking decentralized networking system operating on Polkadot, crafted to uphold users' data stakes.

    Ohanian elaborated how 'Frequency' will make these principles concrete: crafting an environment centered on transparency and accountability will elevate TikTok beyond fairness to greatness.

    This acquisition effort coincides with U.S. political dynamics regarding TikTok. Once targeted for a ban, the platform was resurrected by a presidential decree, securing a temporary reprieve.

    Kevin O'Leary, famed investor and crypto supporter from 'Shark Tank,' has also pledged support to the Project Liberty initiative aiming to obtain TikTok U.S.

    Reddit Crypto Reserves

    Blockchain has long been within Ohanian's scope. During his Reddit tenure, strategic cryptocurrency investments in Bitcoin, Ethereum, and Polygon were notable, although largely liquidated by 2024's third quarter.

    Under Ohanian's guidance, Reddit embarked on blockchain campaigns, such as releasing 'Reddit Collectible Avatars,' which were NFTs based on Polygon for user profiles.

    Previously, Reddit had trialed 'Community Points,' an Ethereum-oriented rewards scheme for subreddit contributions, which unfortunately ended in 2023's tail end.

    Ohanian's involvement with cryptocurrencies dates back to an acquisition of 50,000 ETH priced at $0.30 each in 2014, with crypto playing a role in personal transactions.

    Reportedly, in 2021, Ohanian was contemplating launching a decentralized social media project, seemingly in collaboration with FTX's Sam Bankman-Fried. on the Solana blockchain The underpinning blockchain for TikTok's new iteration, 'Frequency,' integrates cutting-edge social media functionalities like a unique pricing model for sizable social engagements and cross-platform app synergy.

    Ohanian emphasized, 'We are pioneering new norms in digital societies—a TikTok shaped and governed by its users. It's time we see if we can realize this vision.'

    Kooc Media's founder and Blockonomi's Editor-in-Chief heralds the virtues of open-source, blockchain, and maintaining a fair internet globally.

    Advertise Here

    Their insights have been acknowledged by prominent outlets such as Nasdaq, Dow Jones, and more. Queries can be directed to [email protected]. The creators of OnlyFans, combined with the HBAR Foundation, have made a late entrance to the TikTok acquisition race.

    Advertise Here

    RelatedPosts

    Comments are closed.

    Blockonomi reports that Alexis Ohanian, co-founder of Reddit, has aligned himself with a group trying to purchase TikTok with plans to incorporate blockchain technology, enhancing user data control.