Don't want to sound defeatist because I do think it is a good idea, but: The great thing about distributed social networking standards is that there are so many different ones to choose from[0]. We need to develop one universal standard that covers everyone's use case[1]. Even then there would be a risk that one dominant player would emerge and embrace, extend and extinguish the open standards[2].
[0] https://en.wikipedia.org/wiki/Comparison_of_software_and_pro...
[2] https://en.wikipedia.org/wiki/Embrace,_extend,_and_extinguis...