Polimec Web3 Funding Platform Launches and TikTok Decentralization Efforts Link to Polkadot

By: Eliza Bennet

Polimec, a decentralized and community-driven funding parachain, has officially launched on Polkadot. This platform evaluates Web3 projects for potential fundraising, aiming to bring transparency, accessibility, and regulatory compliance to the process. Polimec’s launch signifies a new era in decentralized fundraising, emphasizing community involvement and compliance.

The platform’s inaugural project evaluation features Apillon, a Web3 infrastructure platform within the Polkadot ecosystem. To participate, users must possess a Deloitte-powered KYC Credential, and the evaluation process will last 28 days. Users can conduct due diligence and bond their Polimec tokens (PLMC) to show interest. If a project reaches 10% of its target funding, it advances to the next round.

Meanwhile, US billionaire Frank McCourt is spearheading efforts to decentralize TikTok using the Decentralized Social Networking Protocol (DSNP) from Project Liberty. McCourt's plan involves rebuilding TikTok on the Polkadot parachain social platform Frequency. This move aims to empower users by restoring control over digital identities and data, providing an alternative to the current tech model. McCourt’s initiative emphasizes data protection and additional control for social media creators.

The connection with Polkadot is also highlighted as Frequency, a parachain on the Polkadot network, is envisioned to safeguard privacy and enable ownership of digital identities. Polkadot enthusiasts see this as a testament to the network’s technological prowess and impact on future web development.