- Adam Mosseri, who runs a subsidiary of Meta, Instagram, is taking the lead on the decentralized social network project.
- The fight for Web3 supremacy has led to the significant adoption of Bitcoin, Ethereum, and other digital assets.
American tech giant Meta Platforms Inc. is reportedly working on a decentralized social network application codenamed P92. According to Meta’s spokesperson, the standalone decentralized social network will allow users to log in through their existing Instagram credentials. Following the announcement, Meta shares gained approximately 0.10 percent during Friday’s pre-market to trade around $181.60. a Meta spokesperson said.
“We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests,”
Meta has shown tremendous interest in exploring blockchain prowess, but regulatory upheavals have been a huge stumbling block. Nonetheless, the company changed its name from Facebook to Meta, inspired by the rise of the metaverse and the NFT market.
Reportedly, Adam Mosseri, who runs a subsidiary of Meta, Instagram, is taking the lead on the decentralized social network project.
While the details of Meta’s decentralized social network are scanty, the spokesperson noted that the platform is still in the early stages of development. However, the spokesman indicated that Meta has already begun looking into the legal implications related to privacy concerns. Moreover, Facebook founder Mark Zuckerberg has in the past found himself and the company at loggerheads with the United States regulators.
Bigger Picture of Meta’s Decentralized Social Network
As a veteran tech company with over $479 billion in market capitalization, the exploration of a Web3 platform gives it some steps ahead. Moreover, the company can afford to market globally in top markets like the EU, United States, and Australia, among others. However, Meta’s decentralized social network will compete with Elon Musk’s newly acquired Twitter Inc., valued at approximately $44 billion.
The fight for Web3 supremacy has led to the significant adoption of Bitcoin, Ethereum, and other digital assets. Moreover, most of the successful Web2 platforms are either developing or have already rolled out a Web3 protocol on major chains.
The biggest gainers of the social media platforms transitioning to blockchain technology are the top digital assets like Bitcoin, Ethereum, USDC, and Dogecoin (DOGE), among others. Furthermore, they are the most widely adopted crypto assets that run on top blockchains with proven reliability.
Cryptocurrency integration on top decentralized social media platforms at the moment could be a huge win for Bitcoin global adoption amid increased choppy markets. As of Friday, Bitcoin price dropped as much as 10 percent with over $393 million liquidated in the crypto market.
Meanwhile, increased crypto regulatory scrutiny from United States regulators following the FTX and Alameda research implosion late last year. Among them, the United States treasury department has proposed a 30 percent tax on crypto miners. Additionally, the SEC has argued that all digital assets apart from Bitcoin are unregistered securities.
