Meta, the company that owns Facebook and Instagram, is reportedly developing a new social network app that focuses on text-based interactions.

The app is being considered as a potential rival to Twitter and Mastodon, a decentralized social network.

A spokesperson told the BBC: “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, the parent company of Facebook and Instagram, is reportedly developing a new standalone social network app, code-named P92, that could compete with Twitter and decentralized rival Mastodon.

This move could take advantage of the ongoing turmoil at Twitter, where cost-cutting measures have led to companies pulling back on advertising spending.

The new app will be text-based and users can log in using their existing Instagram credentials. It will be based on a similar framework as Mastodon, which was launched in 2016, and will be decentralized, making it impossible to be run by a single entity.

The timing of the app’s release remains unclear. Meta is also facing challenges with Facebook, which is struggling to attract a younger audience, and Instagram, which faces stiff competition from TikTok.

Additionally, Meta is investing heavily in the metaverse, a virtual world for user interaction and work, which is yet to take off.