Mark Zuckerberg-led social media giant – Meta – is developing a decentralized text-based app called Codenamed P92.
According to a report, users can log in to the new app through their Instagram credentials. The latter’s head, Adam Mosseri, has been roped in to lead the project. With the new app using existing Instagram data, including names, profile photos, and followers, among other things, this may not sit well with many since Meta has faced criticism in the past for its handling of user data and privacy issues.
Keeping this in mind, the company has also onboarded the legal department to work out privacy concerns before rolling out the app in public.
Decentralized Social Network
P92 will be based on a decentralized framework similar to that of Mastodon, which has microblogging features analogous to Twitter. At launch, the feature set is expected to be akin to that of Twitter. However, options for commenting on posts and messages will be added later.
A Meta spokesperson told TechCrunch,
“We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.”
The latest development comes as Twitter experienced several technical glitches as well as outages. Prior to that, Musk’s chaotic takeover of the platform sparked outrage. These issues have prompted some users to opt for alternatives, including Mastodon and Post.news.
Meta’s Metaverse Plans
The company’s metaverse efforts haven’t been profitable yet. In fact, Zuckerberg’s bid on the nascent space has proved costly for Meta amidst a bear market as Reality Labs lost $13.7 billion in 2022. As reported earlier, the company’s metaverse arm registered an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year.
Meta CFO Susan Li sees more incoming losses for the full year of 2023 in the division. Despite this, Meta plans to invest “meaningfully” in the metaverse as it recognizes “significant long-term opportunities.”
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
