Yahoo, Google and MySpace are set to work together in promoting a set of common software standards that will make it easier for developers to craft applications for Internet social networks. 

Together, the companies will form the OpenSocial Foundation, a non-profit group that will promote Google's OpenSocial software standards.
This will enable developers to create one application that can run on all three social networks. Until now, they would have had to develop it three times.
The three social networks expect that the move will help to fuel innovation and reach more users.
It's not just "social" applications that will benefit from the collaboration. OpenSocial is already supported by business application vendors Oracle and