I've said this many times before: I just can't understand why someone hasn't done this already. It just seems too easy. (Although maybe it just seems that way to me since I have been thinking about it constantly for a couple of years now)
When you think about/ practice something for that long, it does seem easy, sometimes trivial even. Don't sell yourself short, this has the potential to be an amazing solution to many of the issues currently facing the cryptographic currency space. If it was that easy, someone else would have thought of it earlier.