In recent times I've been very interested in this area (distributed naming systems) and several days ago I collected all my ideas into an article. I think you might be interested. Here is the link to the bitcointalk discussion.

I want to receive criticism and then to decide if the project is worth to be implemented.

At first sight Nidaba is very similar to Namecoin. To register a pair of name and key you need to spend internal currency. To resolve the disputes about the names Nidaba suggests to use a penny auction. The other Nidaba's distinguished properties are:

• scalabilty (miners don't need to store the whole blockchain)
• resistance to the tragedy of the commons (mining never will depends on the transaction fee only)
• stable price for registration (price is bound to an average miner's hash rate, if the rate goes up the price follows)

A repository of public keys accessible by unique names and a set of operations to maintain these pairs (a public key & a unique name).

Nidaba: a distributed scalable naming system with a stable price for name operations

Abstract:
A distributed PKI (naming system) would solve the problem of trusting the authorities in the key technologies behind the Internet. Its creation is a complex task, since the system has to be scalable, has to provide a stable price for certificate registration and has to prevent cyber squatting.

Nidaba has all the mentioned properties, moreover it protects a blockchain from being forked behindhand and it has the same level of protection as Bitcoin does.

Links:
The Nidaba whitepaper
The Nidata site

Info:
Some time ago I asked myself how the way we do software would change if each user had a private server. I was thinking about this for a while and came to the idea that a distributed authentication is vital for such realty.

I digged and realised that neither Namecoin nor Twister provide important properties, such as protection from the cyber squatters & vandals, resistance to the tragedy of the commons and scalability. I decided to design a system that doesn't have these disadvantages. This is how Nidaba was born. Besides the mentioned properties Nidaba provides a stable price for certificate operations on the external markets via the supply and demand model.

The paper contains several techniques that can be used with other technologies based on the Bitcoin protocol, or with altcoins.