Facebook Parent Company Meta Exploring Decentralized App: Report

The app will be a standalone product for sharing text updates.

AccessTimeIconMar 10, 2023 at 8:41 a.m. UTC
Updated Mar 10, 2023 at 7:14 p.m. UTC

Meta Platforms (META), the parent company of Facebook, is working on a decentralized text-based app, according to a report by TechCrunch on Friday.

The app will be a standalone product for sharing text updates, according to the report, which cited a Meta spokesperson. The news was first reported by Indian business news site MoneyControl.

"We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests," a Meta spokesperson said, according to the report.

The app, whose code name is P92, is still under development. It will allow users to log on using their credentials for Instagram, the photo-sharing social-media site also owned by Meta. It will support the ActivityPub protocol, which is also supported by Mastodon, a decentralized social-media platform that gained traction following billionaire Elon Musk's purchase of Twitter, the report said.

Mark Zuckerberg's social-media empire changed its corporate name to Meta Platforms from Facebook in 2021, seemingly reflecting its Web3-related ambitions, particularly around the metaverse. The company's metaverse division incurred losses of $13.7 billion in 2022.

Shares of Meta were little changed at $182.21 in premarket trading.

Meta didn't immediately respond to a request for comment.

UPDATE (March 10, 09:39 UTC): Adds detail and background throughout.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about