According to a report that was published on Friday by TechCrunch, the business that owns Facebook, known as Meta Platforms (META), is reportedly working on a text-based software that is decentralized.
According to the article, which cited a spokeswoman for Meta, the application will operate independently as a standalone product for distributing text updates. MoneyControl, an Indian website that covers business news, was the first to break the story.
A spokeswoman for Meta was quoted in the report as saying, “We believe there’s a possibility for a separate location where creators and public figures may offer timely updates about their interests.”
P92 is the working title for the application, which is still in the process of being developed. Users will be able to log in using the credentials they use for Instagram, a social media site that is also owned by Meta. Instagram is a photo-sharing platform. According to the source, it will support the ActivityPub protocol, which is also supported by Mastodon, a decentralized social media platform that gained popularity after billionaire Elon Musk purchased Twitter.
Mark Zuckerberg’s social-media empire, formerly known as Facebook, changed its corporate name to Meta Platforms in 2021. This name change appeared to reflect the company’s Web3-related objectives, particularly those centered around the metaverse. In the year 2022, the metaverse branch of the corporation racked up losses totaling $13.7 billion.
During the premarket hours, shares of Meta remained relatively unchanged at $182.21. A request for comment from Meta was not immediately met with a response.