Plus, as I wrote elsewhere, gzipping your JSON will result in essentially "avoiding having to repeat every field name" by dictionary coding it. The only case in which that wouldn't be true is when dealing with extremely unusual and heteromorphic data, but then this format doesn't seem to support such data at all.
I'm also mystified that the author claims this is readable. It looks eminently unreadable compared with JSON, if you have anything beyond one row of very simple data with all optional fields present. And, in that case, it's basically just 'JSON with the keys on a different row'.
(Congrats to the author, but this is more of a fun personal project rather than something to seriously present as a 'JSON killer'. If you do present it as a JSON killer, then you have to expect a rigorous review.)