Meta announced an ongoing project to launch a decentralized application codenamed P92. The Facebook holding entity confirmed the project to introduce the application as an autonomous product that can share text updates.
Developing Decentralized Text-based Application
News of Meta Platforms working on the decentralized text-based application appeared first on March 10 publication by TechCrunch.
The Friday report by TechCrunch quoted revelation by Meta Spokesperson. Indian-based business-oriented media MoneyControl affirmed that Meta Platforms is developing the decentralized app as an independent product.
Revolutionizing Social Space with Autonomous Products
The Meta executive expressed confidence that a viable opportunity existed that would facilitate creators and celebrity figures to convey timely updates concerning their interests.
The Meta official revealed that the application is still a work in progress. Nonetheless, the spokesperson was noncommittal about the product completion date. He added that its introduction would ultimately revolutionize social space.
The decentralized application is set to retain compatibility with other products within the Meta platforms’ ecosystem. As such, users can utilize Instagram credentials. Such interlink is integral since Meta platforms wholly own the photo-sharing platform.
Meta Platforms’ Pursuit of Metaverse Projects
The Meta executive assured the users that the decentralized app would accommodate the ActivityPub protocol – a platform reliant on Mastodon for support. Mastodon involves a social media platform founded upon a decentralized nature. It gained popularity following the buyout of Twitter by Tesla’s chief executive Elon Musk.
Meta Platforms emerged in 2021 following Mark Zuckerberg’s decision to embrace the name of the parent entity of Facebook. The change portrayed the Web3-related ambitions for Zuckerberg to build social media empire on the metaverse.
Zuckerberg’s efforts in the metaverse have yielded mixed results. Nevertheless, recent revelations indicate that the division incurred huge losses reported as $13.7 billion in 2022.
Meta Platforms Market Outlook
The Nasdaq-listed META shares have shown varying results today. The shares price earlier tested $184.77 before retreating to a low of $178.88. At press time 12:51 UTC, META share hovers around $179.51, 1.2 % down in a day. This yielded a total market capitalization of the Nasdaq 100 component of $467.19 billion.
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