Interesting! Seems to have a fair bit of crossover with what the Fission team is doing. Yesterday I stumbled upon a web page re: a presentation that a key Fission dev/founder (former Ethereum Core Dev) will be making in late September[1].
I ended up spending some time playing with Fission Drive[2] and looking at their Guide[3], and just generally reading their dev[4] and marketing materials[5].
Anyway, looking at the Web5 site, it seem to strike some of the same notes.
I'm not affiliated with or participating in Fission or the Web5 projects in any way, but am working as part of a different team developing an open protocol for decentralized storage, which is focused on incentivized data durability.
[1] https://www.thestrangeloop.com/2022/a-distributed-file-syste...
[2] https://drive.fission.codes/
[3] https://guide.fission.codes/