I don't think it's that different. also there are many different ways to design this, not all suffer from the same issues that you've described. you seem to have given up on this. that's ok but I hope others didn't.
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I read about 15 or so proposals on this. All of them suffer from the same issues. So, it's not that I have given up. We just run out of ideas.
Even the ideas that delegate identity to a separate protocol fail to address the same issues.
That's why I am investing so much in WoT. I don't think identity can be solved by anything else at this point.