Operating systems are in a sad state, as virtual address spaces already offer exactly that in hardware at full speed. It's only through the operating system APIs that processes gain the ability to affect anything outside of the process.
Current operating systems weren't made with untrusted code in mind, but have so much inertia that new operating systems repairing old misfeatures can never succeed. All code is already written based on the bad Operating System APIs like for writing files. This project just handwaves the actual problem away:
> the sandboxed code can’t do anything but pure computation, unless you give it a function to call to do things like read from a file, tell the time, etc.