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- Frequency, a polkadot parachain, has experienced a significant surge in transaction volume.
- MeWe’s decision to move its encrypted graph data onto the blockchain triggered the transaction spike on Frequency’s network.
In a recent tweet, Frequency, a polkadot parachain, reported a significant surge in transaction volume. The recent increase in transactional activity on the Frequency blockchain can be attributed to the transfer of MeWe’s encrypted graph data to the Decentralized Social Networking Protocol (DSNP).
1/ 🧵Mover alert! ⏰ @one_frequency, the parachain linked with a bold bid to secure social media phenomenon @tiktok_us in the US, tops the Daily Number of Transactions in the @Polkadot ecosystem with an average of 180k in the last 10 days, a 108x MoM increase 🫡 pic.twitter.com/N8Yq6yiY20
— DotLake (@dotlake_xyz) June 3, 2024
This shift to DSNP signifies a major transition towards the decentralization of social media platforms. MeWe plans to improve data privacy, security, and user sovereignty, the principles of the Web3 movement, by moving user data to a blockchain.
However, not everyone is convinced. A skeptical user on Twitter, questioned the authenticity of these transactions, asking, “fake transactions? Who the hell is using one frequency, I don’t know a single dApp on it.” This sentiment reflects the current challenge many blockchain projects face: It has become popular and famous and is employed by many people.
fake transactions?
Who the hell is using one frequency, I don't know a single dApp on it
— cowboy anon (@lil_hat_slayer) June 3, 2024
Frank McCourt’s Bid for TikTok’s US Business
The growth in activity on Frequency aligns with Project Liberty’s mission, which real estate tycoon Frank McCourt created. On May 15, McCourt made the headlines when he revealed that he wants to form a consortium to buy TikTok’s US operations. His goal? To change TikTok into a platform that puts users’ rights to self-determination and data protection first
Speaking to Bloomberg TV, McCourt stated his ambition to “build a better TikTok where users have more control of their own data.” This move aligns with Project Liberty’s mission to place people and data empowerment at the center of platform design and purpose.
Real estate mogul Frank McCourt says he plans to build a consortium to bid for TikTok’s US business.
He wants to build a better TikTok where users have more control of their own data. He has not put in an official bid yet https://t.co/E3EN9jFBBh pic.twitter.com/kXpPm1WFyP
— Bloomberg TV (@BloombergTV) May 15, 2024
Frequency’s Unique Features and Economic Model
Frequency’s blockchain has several unique features that aim to increase the level of user engagement and data interoperability. A key feature is its capacity economics model, which allows users to stake tokens to generate capacity. This model provides for effective transaction capabilities and cost control, as well as the ability to refill at each epoch. As opposed to the conventional transaction fee models, this system is more reliable and easier to use.
Also, Frequency relies on off-chain data broadcasting that allows users to manage their tools and data with the help of the network’s collaboration. This greatly enhances the functionality of the platform and user management, consistent with the goals of Project Liberty to promote a decentralized social media platform.
Collaborative Ecosystem and Future Prospects
Frequency’s approach is to create a decentralized social media ecosystem that is collaborative and focused on the user. With the help of Polkadot network, Frequency guarantees secure data storage and exchange between various applications. This approach not only improves user experience but also fosters collaboration and sharing of data across multiple applications.
The ongoing development and implementation of Frequency and Project Liberty’s initiatives represent a significant shift in the social media landscape. At the time of writing, Polkadot is trading at $7.01, recording a 24 trading volume of $378.01 million and a market capitalization of $7.02 billion. In the last 24 hours, $DOT registered a positive change in price of 0.29%.
