Bookmarking social web service Ma.gnolia has announced that they’re building a v2.0 of their platform, aka M 2, that will be completely open sourced. We already love Ma.gnolia from the fact that it uses OpenID, eliminating the need to create yet another username and password to use the service.

M 2 will be a rewrite of the entire Ma.gnolia platform so all of the current features should be kept for the open source community. Users will be able to create their own branded social bookmarking service. The sites bookmarked on the self-hosted version will also be indexed by the main Ma.gnolia site.

We’ve announced that Reddit also made the open source move back in June. Reddit’s intent is to increase features by having the assistance of open source enthusiast coders. Ma.gnolia can also benefit from added functionality but even better for them, increase its popularity and amount of content indexed.

Ma.gnolia promised to release the first codes in September. Meannwhile, another good open source bookmarking platform is GetBoo.