I found that project by accident.
They want to build a Web of Trust based on OpenPGP Elliptic Curve Cryptography feature.
http://tools.ietf.org/html/rfc6637
Complete information about the project can be found here :
https://github.com/IDCoin/IDCoin
I copy/paste a summary about the project here :
A Coinbase for Identity and Reputation
IDCOIN will be designed to be an 80/20 Proof of Stake / Proof of Work based blockchain that will establish both Identity as well as Reputation in a public ledger.
The generation and addition of a GPG/PGP key will suffice as the “proof of work” as well as the “key signing” of other members keys. The system will be designed to award coins based on addition of validated keys, the signing of additional keys to build out the Web of Trust.
We are essentially creating a single system of record for GPG & PGP keys.
Reputation will be leveraged through transactions, whereby Transaction Fee’s will be used to “vote with your coins.”
Feedback can easily be calibrated based on the identity of the individual leaving it – we can work to make a “neutral” rating safe again as compared to the “grade inflation” we see in markets like Ebay where everyone is essentially shamed into providing only positive feedback.
With IDCOIN you could instantly determine if someone’s +5 rating actually meant anything especially if they gave everyone +5. You could instantly baseline the feedback.
With a Web of Trust model you could choose to transact with people and business that are say only within 3 or 4 degree’s of separation. In this way you could completely detect and ignore any asto-turfing.