Meta, the parent company of Facebook, is reportedly working on a new decentralized text-based app. According to a report by Tech Crunch, the platform will be developed as a standalone product that allows users to share text updates. The app is still under development and is currently referred to as P92 as its codename.
Meta is exploring this app as they believe that there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests. While there are no specific details released yet, the announcement shows that Meta is eager to explore decentralized applications, which could ultimately benefit users in various ways.
A spokesperson for Meta confirmed that the P92 app will allow users to log on using their Instagram credentials. Instagram is a social media site and photo-sharing platform that is also fully owned by Meta.
Many experts believe that this move from Meta could help decentralize the social media industry. Currently, platforms like Facebook and Twitter are centralized, which means that their servers control all the data and user’s information. This setup often leads to data breaches, privacy concerns for users, and even censorship of content.
With the development of the new app, Meta aims to create more transparency, security, and autonomy for its users. The new app will be based on the blockchain, which is a decentralized public ledger system that is secure and immutable.
This is not the first time Facebook has explored blockchain technology. In 2019, the company announced its plans to launch a cryptocurrency, Libra, which was later rebranded to Diem. The project faced enormous backlash and regulatory scrutiny, and its launch was delayed.
However, the announcement of a decentralized app by Meta, Facebook’s parent company, shows that the social media giant is still committed to blockchain technology and decentralized systems. Experts predict that this time, it might work in their favor, given the increased awareness and interest in the blockchain industry.
Meta’s move to decentralized applications also comes at a time when many internet users are looking for alternatives to mainstream social media platforms. There is increased criticism from users about how social media functions and its negative impact on society, and this has led to the rise of decentralized applications.
Decentralized apps provide users with more control over their data, content, and privacy, as the data is distributed among many computers rather than being centralized in one place. This system means that users’ data and content will not be controlled by a single entity, which could result in manipulation or censorship.
Decentralized apps also provide more security, as the blockchain-based architecture is tamper-proof and prevents data breaches. Users can trust that their data will not be tampered with or misused by third-party entities.
Meta’s move to decentralized applications could help legitimize and grow the decentralized app industry, providing users with more privacy and security. This move could also lead to more significant development and adoption of blockchain technology, particularly in the social media industry.
However, several challenges must be overcome to make the shift to decentralized apps successful. One of the challenges is user adoption. Decentralized apps are currently challenging for many internet users to use, as it requires more technical knowledge and familiarity with blockchain technology.
Another challenge is scalability. Decentralized apps have the potential to perform much better than centralized apps, but their growth is limited by scalability issues. Currently, most blockchain-based apps suffer from slow speeds, high transaction fees, and limited user capacity.
Despite these challenges, the shift to decentralized apps is expected to continue in the coming years, with more companies exploring blockchain technology and decentralized systems. Meta’s move to launch a decentralized app could be the first step towards making social media decentralized, secure, and more democratic. However, only time will tell if this venture will be successful or not.
