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Threads deepens its ties to the open social web, aka the ‘fediverse’
(techcrunch.com)
A community dedicated to fediverse news and discussion.
Fediverse is a portmanteau of "federation" and "universe".
Getting started on Fediverse;
You are right, it's easy to imagine the open source standard being a small financial threat. But a similar situation could potentially still happen, just without the malice the previous poster is imagining. Overall, large orgs make the biggest ripples in software development, so their choices of what to support affect what's most available to users.