Twitter Inc. is setting up an independent team that will develop an open and decentralized standard for social media, CEO Jack Dorsey said in a series of tweets.

Dorsey has tapped Chief Technology Officer Parag Agrawal to hire a lead for the new team, called Bluesky. The new head will then hire and direct the rest of the Bluesky team. Twitter will fund the project, which will take many years to complete, Dorsey said.

Dorsey explained that the value of social media is moving toward "recommendation algorithms," which are "typically proprietary." The move will allow the company to focus efforts on developing open recommendation algorithms that promote healthy conversation, the Twitter executive said.

Early on, the company opted for a centralized platform, which was "all reasonable at the time," but Dorsey underscored that "new technologies have emerged to make a decentralized approach more viable."

The new team, which will include architects, engineers, and designers, will work to build an open community around the decentralized standard for social media, which will be inclusive of companies, organizations and researchers.