IPFS p2p is more similar to that project, with a DHT, though I am not sure about encryption.
To me, this is the future. I wish we had a set of APIs to allow connecting to a public key instead of an IP adress... however that requires reinventing most of the network stack (subnets, etc). That could be a base for IPv7. As a bonus, this could run on top of IPv4 or IPv6.
Creating ephemeral, E2EE addresses has a lot of nice properties: you can roam with the same address (making it easy to move a server around, even behind cellular internet). Browsers could use a different key for each site. Sites could use that as a session identifier to authenticate against.