DOT gains momentum amid TikTok’s plans to tap Polkadot for enhanced decentralization 

Polkadot (DOT) has staged a notable recovery amid new developments surrounding the potential TikTok buyer Frank McCourt.

The latest updates reveal McCourt’s plans to leverage Polkadot’s Frequency parachain and Decentralized Social Networking Protocol (DSNP) to give TikTok users authority over their data and digital identities.

US billionaire Frank McCourt's consortium, "PeOPLE's BID", plans to buy TikTok & decentralize it with Project Liberty's DSNP. Using Polkadot's Frequency, they aim to give users control over their digital identity & data. #Decentralization #Polkadot #TikTok @PAnewsLab

— Sharpe Signals (@SharpeSignals) May 21, 2024

Reshaping TikTok with Polkadot 

The United States billionaire plans to transform the social media site with DSPN while leveraging Polkadot’s Frequency parachain.

Frequency became a Polkadot-based parachain in November 2022, aiming to empower users by securing their privacy and enhancing content portability. It allows individuals to manage their online presence.

TikTok and the US government

United States regulators have pressured the social media giant to sell, citing national security dangers and its links to China. That triggered TikTok creators to sue the US government for violating their rights.

TikTok has more than 170 million active users, and McCourt plans to transition it into an open-source network, giving users control over their content. 

DOT current price action

The altcoin traded in the green today, up 10% on the daily chart to hover at $7.62 during this writing. 

The latest TikTok developments likely triggered the recovery as DOT opened the week around the bearish support at $6.40.

TikTok’s integration will likely boost Polkadot’s utility, propelling DOT’s long-term growth.

The post DOT gains momentum amid TikTok's plans to tap Polkadot for enhanced decentralization  appeared first on Invezz