The social bookmarking service Ma.gnolia is announcing a new version at the Gnomedex conference in Seattle today, and the big news is that the whole thing is being rewritten from the ground up. M2, as it's being called, will include all of the features of the current Ma.gnolia, but it's going to be entirely Open Source. A first look at M2 should be available by September.

So, why Open Source, and what does it mean to Ma.gnolia users? Well, you'll be able to download Ma.gnolia and run your own version of it, and that version will be able to interoperate with Ma.gnolia.com and other web services. Standards like OpenID and OAuth will be supported, allowing for maximum portability of your data -- which, in the case of Ma.gnolia, mostly means your bookmarks and tags --- between sites. If you're already thinking of creative uses for an Open Source Ma.gnolia, good! They're looking to make user feedback a big part of building M2, so keep an eye on their blog if you've got input.