Users could get paid in a cryptocurrency for the use of their data. Theoretically, this would allow users to move their data between networks and prevent a single company from becoming too powerful. After getting permission from users, social-media companies would draw from this same pool of data about users’ connections and interactions. In his vision, blockchain software, not owned by any individual, would store indelible information about users’ social connections. McCourt, whose background is in real estate and sports ownership, says he was drawn to try to reform the tech industry because of what he sees as social media’s exploitation of users. That includes $25 million to develop a decentralized social networking protocol, which he hopes will create a model for personal data governance online. He has pledged $250 million to found Project Liberty, an initiative to rebuild the web as an infrastructure owned by the public. and Streamlytics Inc., seeking to empower consumers to control and benefit from the personal data that the technology industry collects on individuals every day.
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McCourt is among a handful of business leaders, politicians and startups, such as Brave Software Inc., Reklaim Ltd. And yet there’s a total disconnect between the creation of that value and who receives it," Mr. “An unprecedented amount of value is being created by everyone’s data. McCourt’s vision, where individuals own their data and control how it’s sold and used by companies. Personal data is behind the $455.3 billion digital-ad market. The first screen depicted today’s model: Social media, search and online retail companies capitalize on information from consumers, who don’t own their data and see little return from the value they create with their clicks. Each digital dot represented one data point that social-media companies collect on him. The billionaire real estate mogul was in Manhattan’s Hudson Yards area in September to show off an art exhibit he funded to demonstrate a new model for consumer data. Walking along the screen, he swept his arm wide to reveal its hidden message: “YOU CONTROL YOUR DATA." When he moved his hand over another screen, another cluster appeared this time, the glittering particles took the shape he drew. Frank McCourt stepped in front of an 8-foot-tall screen, summoning a cluster of what looked like white, pixelated sand that hovered beside him.
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