Meta, the parent company of social media platforms like Facebook, Instagram, is working on a new product. Very little is known about this product, but it may be something like Twitter. Since the entry of Elon Musk, people have doubts about Twitter and tech companies want to take advantage of it.
Now Facebook’s parent company Meta has entered this game. Meta is building a new social media app on which people will be able to post text-based updates. This app is still in its initial stages.
What is Meta preparation?
The company told Platformer in exclusive information, ‘We are creating a standalone decentralized social network to share text updates.’
The company said, ‘We feel that there is a space where creators and public figures can share their interests from time to time.’
Discussions about Meta’s new app are being heard continuously for some time.
It has also been spotted with the P92 codename, in which users will be able to login with the help of Instagram credentials. Little information is currently available about the project. This product is still in its early stages.
If reports are to be believed, no trim frame has been prepared regarding this, but the legal and regulatory teams have started work. Adam Mosseri, head of Instagram, is leading this project.
The most interesting thing about this project is that Meta will keep its network decentralized. This move of Meta will help it compete with other social media platforms. In the past too, demand has arisen regarding decentralized apps.
Decentralized network of an app means that its data will not be stored and controlled at any one place or server. Rather it will have no center at all. Like RBI controls our money, but no organization or agency controls cryptocurrency.
Even Twitter’s former CEO and co-founder Jack Dorsey also spoke of a decentralized network. He has launched his new app Bluesky a few days ago, which is a decentralized app.
This app is currently available in beta version on iOS and you will need a private invite to use it. Its design is very similar to Twitter. There are also some challenges with decentralized apps. So far no decentralized app has been converted into a profitable business. This challenge will also remain with Meta, which has been struggling with revenue for some time.