How would you accomplish PKI in such a way that would allow people to rotate keys to keep their account secure, but without allowing them to rotate their key into a different person's custody, thus doing a de-facto transaction that would enable someone to integrate the system with an exchange and put a price on account balances?
Also, what kind of consensus mechanism would you use, with the understanding that without a way to transfer/sell balances, Proof of Work degenerates quickly into a 51% attack, and Proof of Stake is infeasible? Or do you have a different idea in mind to decentralize such a system?
I'm asking these questions because knowing what I do about decentralized systems, in the end I can't see any way around a system like this having transferable balances. Either that or you centralize the part of it that keeps track of the network's history, making it basically akin to a big git repository.