People have tried this kind of thing before. It never really caught on.
https://en.wikipedia.org/wiki/Distributed_social_network
The justification for an Internet Bill of Rights to regulated how internet companies can and cannot censor their users hinges on the fact the they are a defacto monopoly on the types of communication that they provide. My almonds are tingling with the suspicion that this is being done to create a defense against the government's claims of their monopoly. It's like when Microsoft was facing challenges related to their bundling of IE with Windows. They tried to point to Linux as an alternative to Windows (it arguably is now, but wasn't then).
Not effective.