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ATProto attempted to do this with their PDS based structure but it isn’t fully decentralized yet. The vision is similar to what you describe though.

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Thats entirely how atproto works now!

Except for the part where bluesky maintains a central registry and also the part where the protocol is really complicated with its authenticity stuff.

https://atproto.com/blog/plc-directory-org

> As the next step of maturing governance of the PLC identity system, Bluesky Social PBC is supporting the creation of an independent organization to operate the directory.

someone related to bluesky maintains a central registry*

If the US government sanctions you, your PLC will get deleted. Only the US government will have this power.

PLC's board composition and country of residence are designed to shield from that. At best it will only ever be as effective at this as ICANN, which is roughly our target.

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