Multihash looks cool. It looks a little tricky to apply directly to git, though. The problem is that git and git users treat the first few bytes specially. In git, directories are split on the first few bytes, and users particularly use the first few bytes to distinguish between commit ids.
I wonder if multihash might be useful in git if slightly reordered (so that at least the first several bytes of the hash function are first).
I'm thinking out loud; I'd be interested in hearing others' thoughts.