Mark Zuckerberg-led social media giant Meta is developing a decentralized text app called Codenamed P92.
Users can reportedly log into the new app with their Instagram credentials. The head of the latter, Adam Mosseri, has been invited to lead the project. Since the new app uses existing Instagram data, including names, profile photos and followers, it may not be suitable for many people, as Meta has been criticized in the past for its handling of user data and privacy concerns.
Keeping this in mind, the company also hired a legal department to address privacy concerns before rolling out the app publicly. P92 will be based on a Mastodon-like decentralized framework with Twitter-like microblogging functionality. At launch, the feature set is expected to be similar to Twitter. However, the option to comment on posts and messages will be added later.
“We are exploring an independent decentralized social network to share text updates. We believe there is an opportunity to build a single space where creators and public figures can share their interests in a timely manner.” The latest development comes as Twitter has experienced several technical glitches and outages. Before that, Musk's chaotic takeover of the platform sparked outrage. These issues have prompted some users to choose alternatives, including Mastodon and Post.news.
The company's efforts in the Metaverse have yet to turn a profit. In fact, Zuckerberg's bid for the fledgling space proved costly for Meta in a bear market, as Reality Labs lost $13.7 billion in 2022. As previously reported, the company's Metaverse unit recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its yearly total.
Meta chief financial officer Susan Li sees more losses for the unit in full-year 2023. Nonetheless, Meta plans to make "meaningful" investments in the Metaverse, as it recognizes "significant long-term opportunities."
