2019-12-12 UTC
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@iamEAP ↩️ Or perhaps just a few years. There is already a W3C recommendation for open, de-centralized social networking called ActivityPub: https://www.w3.org/TR/activitypub/#Overview
It was developed over about 3 years and already has multiple implementations, notably @MastodonProject. (twitter.com/_/status/1204913806205341696)