Don't' know if I sent this one to you before - similar concept buy wired-world and no central store of data. They are also using the now popular "Huck Finn" method of only allowing people to join who are invited.
It is interesting that people see distributed data as an advantage - assuming that you can get past the first level of trust issue, central storage should be more secure than distributed. Visa is a good example of that architecture, where only pieces are ever distributed, and the whole record exists in one place only.
http://www.imeem.com/what.aspx
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