A Friday report by TechCrunch revealed that Meta Platforms (META) – the tech giant behind Facebook – is taking a step forward to create a decentralized, text-based app. This might be a monumental stride forward in the field of technology.
— Reuters (@Reuters) March 10, 2023
About the App
Meta has confirmed that their new application will operate as an autonomous product for the distribution of text updates. Furthermore, a Meta spokeswoman expressed her belief that there is a potential for a dedicated platform wherein creators and public figures can provide timely updates regarding their interests in an easy and straightforward manner.
Currently P92 has been decided as the working name of that application which is still in the development stage. Users will be able to log in to that app using their current Instagram credentials, a photo-sharing platform owned by Meta.
The source has also confirmed that it will be compatible with ActivityPub protocol, along with Mastodon. Mastodon is basically a decentralized social media platform, which gained a lot of traction after the tech mogul Elon Musk acquired Twitter.
Recent Happenings in Meta
In 2021, Mark Zuckerberg’s social-media conglomerate underwent a corporate name change, rebranding as ‘Meta Platforms’. This appears to have been done in order to better reflect their objectives within Web3, particularly relating to their metaverse venture. Unfortunately, the metaverse branch of the corporation suffered estimated losses of $13.7 billion in 2022. Having said that, the shares of Meta held steady at $182.21 during pre market hours.