While it is unknown which direction Facebook is moving with 'Paper', it could be released as an app or a mobile website. The name comes from speculation that Facebook plans on presenting the content as though it were printed on paper back during a time when digital mobile devices did not exist. In addition, Facebook Paper users will be able to receive status updates while looking through their news feeds.
Led by Chris Cox, Facebook's VP of Product, the entire concept is known as Project Reader, and is the work of the News Feed team at the social network. Facebook, meanwhile, has refused to comment on the rumor saying that the company does not comment on rumors and speculation.
Flipboard became a big hit when launched originally for the Apple iPad, with its focus on pictures and text presented in a magazine style. By December 2011, the app was ready for the iPhone. Users "flip" the virtual pages to read the continuation of stories and to move on to the next one. The app became an exclusive briefly, on the Android powered Samsung Galaxy S III before getting released for the entire platform. It is now also available for the BlackBerry Z10, BlackBerry Z30 and the BlackBerry Porsche Design P9982.
source: re/code via Slashgear