Are there any projects like this?
I think that Twitter is already working on making new decentralized social media called Bluesky, and they are recruiting developers and technologists for this work.
We're focusing on re-building the social web by connecting disconnected silos and returning control of the social experience to users. Our mission is to develop and drive the adoption of technologies for open and decentralized public conversation.
https://blueskyweb.org/I would not trust big tech and twitter in making anything truly decentralized when we can see how they are handling censorship, and they would never allow people to have real control of their data.
One more interesting open source social media project is called
Zion and it's based on Bitcoin and Lightning Network, without any ads, trackers, or algorithms.
With Zion you own your data and content, but one problem is that it's not free and you have to pay monthly membership.
Positive thing is that you can earn Bitcoin with your posts, so it's a interesting concept especially when it is censorship resistant.
https://getzion.com/