Today at Gnomedex in Seattle, Ma.gnolia social bookmarking service is announcing a new version of the service soon, the big new from the announcement is Ma.gnolia will be released under open source license. Scuttle allows you to create social bookmarking site but the functionality is not that great.
The first public commits of Ma.gnolia new version called M2 will be available by September. M2 is a ground-up rewrite of the Ma.gnolia with support for open standards like OpenID and OAuth.
Once M2 is launched, open source code can be downloaded and can be run as a independent social bookmarking site or federated site interacting with other ma.gnolia sites and to ma.gnolia.com itself. This is a good news, a federated social bookmarking site is an awesome idea.
There are not many details yet on what features are added to the new version and how much of the code is available as open source.