Reddit founder wants to bring TikTok to the blockchain

According to Reuters Alexis Ohanian will be involved as a strategic advisor in Project Liberty's bid to acquire the U.S. part of TikTok. The Reddit co-founder confirmed this on X, announcing an innovative approach.

His plan? To bring TikTok to the blockchain, giving users more control over how their data is used and shared. Project Liberty therefore calls their takeover attempt "The People's Bid" - or "the people's bid."

Ohanian has previously invested in several tech companies, including Patreon and the NFT marketplace OpenSea. "He has a wide range of experience in the tech world, with a keen understanding of social media development," said Frank McCourt, founder of Project Liberty.

McCourt further explained that the project is all about cutting-edge technology and that it is important to properly communicate its validity and necessity. Moving from a traditional Web2 architecture to a Web3 model, he says, could make many people more aware of the benefits of blockchain technology. "In addition, there is a whole other group of people - the non-technologists - who are more affected by this technology than they realize."

Meanwhile, time is running out for TikTok. Former President Trump gave a 75-day reprieve to the TikTok ban in January. Parent company ByteDance must sell the app to a U.S. party or face a full ban.

In addition to Project Liberty, other bidders include a group of investors led by tech entrepreneur Jesse Tinsley, which includes YouTube star MrBeast. Yet there is also a chance that ByteDance will simply not sell - and instead discontinue - the popular app, which is used by half the U.S. population.