Meta, the parent company of Facebook and Instagram, is developing a new text-based content app that will support ActivityPub, a decentralized social networking protocol that powers apps such as Mastodon and other decentralized platforms that compete with Twitter.

The new app, codenamed P92, will carry the Instagram brand and allow users to log in using their existing Instagram credentials. In the initial version, the P92 team plans to utilize the "fork" approach, which will populate users' profiles with their Instagram account information, including name, username, bio, profile photo, and followers.

The app will follow the company's current privacy policy, but it will also have a supplementary privacy policy and terms of service that specifically address cross-app data sharing. 

According to available information, the minimum viable product (MVP) for the new Instagram-branded text-based content app being developed by Meta will allow users to broadcast posts to people on other servers. However, it is still uncertain if users can follow and view people's content on other servers.

The app's initial version will offer several features such as tappable links in posts with previews, user bio, username, verification badges, images, and shareable videos. It will also include functionalities such as followers and likes, but it is unclear if commenting and messaging features will be included in the first version. 

Sources:

https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_1d3f19ea-1184-4226-9860-3cf34ff8626f

https://cointelegraph.com/news/meta-working-on-text-based-decentralized-social-network-codenamed-p92

https://www.forbes.com/sites/siladityaray/2023/03/10/meta-is-working-on-a-decentralized-twitter-alternative-reportedly-codenamed-p92/?sh=5e17a2bd10f2

https://www.investing.com/news/cryptocurrency-news/meta-working-on-textbased-decentralized-social-network-codenamed-p92-3027371