I'm not 100% convinced by it, but it _seems_ like a better proper replacement than Mastodon (sorry FOSS people, but... centralized logins is a big deal compared to federated spaces).
At least, its the closest thing I've seen discussed that seems to do a similar job to Twitter. Sharing comments / images / short form video with a large community of communities with a somewhat trusted login / identity
Mastodon doesn't fix that, because Alice@instance1.com doesn't necessarily mean you're talking to Alice. It could be a malicious Alice. Maybe the "real" Alice is Alice@instanceAlpha.com. Twitter used to have blue-checkmarks for this, but that identify management seems to be getting destroyed by the current chaos, and people are rightfully wondering how to get a trusted identity for their discussions.