StatusNet is making rounds of VC funding to create the next revolution of self-hosted microblogging platforms. I don’t see how you can compete against with Twitter but you can definitely make your own micro-network and make your own rules. You can try the self-hosted version by downloading the zip file here. But definitely, making Twitter clone will be becoming easier and easier with companies like StatusNet creating new rules on the interwebs.
StatusNet wants to become the WordPress of microblogging. It created an open-source microblogging software platform (formerly called laconi.ca, now called status.net) which anyone can download and run on their own servers. Now, it is working on a hosted version of Status.net, currently in private beta. (We have 50 invites for anyone who includes the invitation code “TC09″ on the signup page).