You know, if you could come up with a better way to implement it, you could become a billionaire. But maybe you already are, everything is possible on HN.
Plenty other projects have adapted the concept or even forked the code. The core team behind this back when it was named opencoin are without a doubt millionaires now and some even billionaires. So you are right but it way way to late now. Not to says that there could not be a even better solutions. But its already several thousand times better if you compare raw metrics like speed/TPS/energy usage etc. an even better solution would likely not make that much of a difference again.