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Microsoft's IP Ventures division has spun-off a new social networking technology to create a Silicon Valley startup company.

Wallop will launch later this year into the space currently dominated by MySpace and Friendster. Microsoft believes that it solves the problems plaguing current social networking technologies, which have difficulty enabling people to interact in a way similar to the way they would in the real

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world.

Wallop it claims is developing a user interface that departs from the friend-of-a-friend model common in all social networks today. Instead, it will use unique set of algorithms that respond to social interactions to automatically build and maintain a person's social network.

'Our access to industry-leading technology through the IP Ventures program has led to a golden opportunity for Wallop to change the face of social computing with differentiated technology and unprecedented support,' said Wallop CEO Erik Jacob said.

Eric Rudder, senior vice president of Technical Strategy for Microsoft said that the company is excited by the interest it has attracted in the venture capital community

'Microsoft has one of the world's preeminent R&D labs, and we are committed to getting our innovations into the hands of entrepreneurs,' he said. 'This deal is another great example of Microsoft working with the right team to get this next-generation technology into the marketplace quickly.'