Frank McCourt’s Decentralized Internet Project Enters Ethereum Ecosystem With Consensys Partnership

As a seasoned investor with over three decades of experience in various tech ventures, I find Project Liberty to be an exciting development that aligns perfectly with my vision for the future of the internet. Frank McCourt’s ambition to create a truly decentralized social media platform is not only timely but also addresses a growing need for user privacy and autonomy.

In simpler terms, the endeavor by billionaire Frank McCourt to establish a de-centralized social media network, known as Project Liberty, has decided to collaborate with ConsenSys – a company specializing in Ethereum development – in order to integrate their platform within the Ethereum blockchain system.

As per the recently declared agreement, Project Liberty’s blockchain based on Frequency will now align with Consensys’ tech stack. This includes the Linea layer-2 network, a privacy-focused technology that enables high transaction volume, and MetaMask, a self-custody wallet popular among its 30 million monthly active users.

Introducing increased compatibility could stimulate curiosity about Frequency’s Decentralized Social Networking Protocol (DSNP) and its open data transmission standard. This move could also provide revenue for Linea, as Frequency is one of the largest parachains within the Polkadot ecosystem. The goal is to incorporate other blockchains as the organization strives to broaden its user base and extend its influence further.

Project Liberty aims to decrease dependence of consumers on large social media corporations like Elon Musk’s previously known Twitter and Facebook owned by Meta (META). The growing frustration among users has already triggered a migration away from Twitter, with many moving towards Meta’s alternative called Threads. Since the U.S. election, numerous individuals have also joined Bluesky, a public benefit corporation that shares similar principles of decentralization as Project Liberty. In some days, Bluesky has added over 1 million new accounts and this week surpassed the 20 million user mark.

In an interview, McCourt stated, “We’re familiar with how the network effect operates. When you hold a vast number of connections within your enclosed space, you possess an advantage over others. By making it open and establishing a global social map that can be accessed by all, where individuals retain control over their data, you essentially build the network effect right into the internet.

Project Liberty’s mission extends beyond merely addressing common issues in social media; instead, it aims to construct a more equitable internet. The company believes this involves breaking down digital barriers and eliminating the practices of surveillance capitalism, which aligns its goals with Web3 – an idea pioneered by tech visionaries like Consensys CEO Joe Lubin.

In my perspective, this is a pivotal juncture. We’re aligning with the spirit of the times by presenting something meticulously crafted and thoroughly thought-out, backed by a substantial investment of time and resources. Ideally, we aim for an internet where instead of us constantly agreeing to the terms and conditions of app usage, the apps themselves operate based on our terms and conditions regarding data privacy.

After more than five years of development, backed by approximately $500 million, Project Liberty claims it’s now prepared to handle large-scale populations. The key to achieving this goal, according to McCourt, is interoperability, which he believes is unavoidable. This reminds him of his family’s telecommunications company, RCN, started in the early 1990s, that anticipated the compatibility among major telecom companies, a trend that emerged later in the decade.

In a decade, it’s likely to seem ridiculous that one needed to be on Facebook just to chat with someone on Facebook, as McCourt put it.

“I think when people are empowered, they’re going to move fast,” McCourt said.

This week, the Project Liberty Summit discussing the future of the internet is happening in Washington, D.C. from November 21st to 22nd.