Diaspora, which describes itself, as a "privacy-aware, personally-controlled" social network will be launched on 15 September.
The open-source project came into the limelight earlier this year when Facebook was forced to simplify its privacy settings, after they were criticised for being overly complex and confusing.
The project, developed by four US students, raised 200,000 dollars.
"We have Diaspora working, we like it, and it will be open-sourced on September 15th," the BBC quoted the team as writing on their blog.
The team said they had spent the summer "building clear, contextual sharing".
"That means an intuitive way for users to decide, and not notice deciding, what content goes to their co-workers and what goes to their drinking buddies. We know that's a hard [user interface] problem and we take it seriously."