Mozilla has already been working on a standards-based implementation of user agent authentication: https://browserid.org/
At any rate, I think we learned from OAuth 1 that 18-step, cryptographically involved sign-in processes aren't going to be widely adopted by developers.
Also, I'm not sure what standard you are talking about. They have a very nice spec here: https://wiki.mozilla.org/Identity/BrowserID But this is not a standard.
Mozilla's contribution to this space is obviously going to carry more weight than foamicate, but I say let the best solution win and let's see what else we can come up with. Don't shoot this down by saying it's not a standard.