There are a few different standards, but I don't think it's achieved the level of a W3C style consortium. Google's been working on initiatives, and even Facebo

There are a few different standards, but I don't think it's achieved the level of a W3C style consortium. Google's been working on initiatives, and even Facebook is involved. Appleseed and Cliqset are two products which I believe already implement several protocols, while Diaspora is meant to do the same from what I've read.