Wasn't this already "attempted" through the natural mechanics of the free market? Social media seems to tend toward monopoly (or at least oligopoly) due to the extreme realization of the network effect in this industry.

Here is a sampling attempts (though I'm sure the graveyard has hundreds if not thousands of members): Friendster, DailyBooth, FriendFeed, Google Buzz, Meerkat, Yik Yak, Vine, Google Plus, MySpace, Path, Orkut, ConnectU, ...