Yes, it looks very promising. I just started working on this about a week ago when I had the idea and then finding your project on twitter today was like half the pieces I was missing. I am very excited about your work. I think the world needs a platform like this that can't be subverted by dictatorships, peoples lives hang in the balance of twitter daily and it's just not good enough, it's not what it was created for. I want to keep it as user moderated as possible also so that no one person is making the decision of what get's seen. I want to work on an algorithm that will make your posts more or less likely to appear on peoples feeds based on negative or positive “karma” points that users can give each other. I want to keep the control of the platform as decentralized as possible. I also plan on encouraging users not to use their real identities so everyone will be equal as far as wealth, fame, social status so that the only thing that will set you apart is how you contribute to the community.
It's actually funny, the dot-bit protocol is what originally gave me the idea for this. I own a .bit domain right now that I'm not doing anything with, Just wanted to own one on principle.