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.
I have seen this but we know that Twitter can't be trusted. Something like this would have to be built by the people for the people.
They are also going too big based on my research of this project - trying to make an entire social media platform. The idea I am proposing is very simple.