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Fediverse, or 'federated universe' is the name given to the social media platforms that utilize this concept of federation and decentralization. While Lemmy and Mastodon are the most popular right now, there are many similar platforms. There is Peertube for example, which is a Youtube alternative, or Pixelfed, which is an instagram alternative. You can view a list of all such platforms on this site. Here's also a visual representation that might help.
Fediverse, or 'federated universe' is the name given to the social media platforms that utilize this concept of federation and decentralization. While Lemmy and Mastodon are the most popular right now, there are many similar platforms. There is Peertube for example, which is a Youtube alternative, or Pixelfed, which is an instagram alternative. You can view a list of all such platforms on this site. Here's also a visual representation that might help.
Lemmy is the reddit alternative social media that is part of the fediverse. It works similar to reddit, in the sense that people can post stuff and other users can comment on these posts, higher upvoted posts rise to the top etc. The main difference is that communities (subreddits of lemmy) are hosted on different instances which can then all be viewed by a user from their home instance (provided they weren't defederated). So no single instance or admin has control over all communities, nor do the hosting costs skyrocket as ideally each instance will host some communities to balance the load.