San Francisco, Nov 18 (IANS): Intended to get right what Facebook and Twitter have so far been getting wrong, Wikipedia co-founder Jimmy Wales is launching a social-media website named "WT: Social" which wll compete with both the social media paltforms.

Instead of going for an ad-funded model, Wales aims to finance it through donations, just like Wikipedia.

Like those platforms, WT:Social will let users share articles. But WT:Social will be funded by donations, rather than advertising.

Jimmy Wales 

"The business model of social media companies, of pure advertising, is problematic. It turns out the huge winner is low-quality content," Wales was quoted as saying by Financial Times, according to an Engadget report.

It started as Wikitribune -- a site that published original news stories with the community fact-checking and sub-editing articles. The venture never gained much traction, so Wales is moving it to the new platform with a more social networking focus.

WT:Social will be free to join, but at the moment, you either have to sign up for a waitlist, donate or invite friends. Just a month old, it already has 50,000 users, the Engadget report added.