back in the days of opennap and audiognome's attempt at decentralization I was thinking that what was needed was what I was already using as a dynamic IP... mainly that everyone needed their own yi.org type addy for easy identification.
But that requires a central server that keeps everyones addy with username/password. Even something that barely centralized feels to me like it would be open for legal attack (because then usernames could be theoretically "banned" from the system for trading copyrighted materials).
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