Yes, but to nitpick slightly: the focus of this protocol is to let people use their own data with social media sites. It might not matter much while the site is active, but separating data ownership from the site makes moving platforms in the future much, much more feasible. Data like posts, friends lists, block lists, likes, comments, etc.

Obviously, this was informed by people's experiences with Twitter, especially the early power users who built strong communities and then felt trapped.