Diaspora is a lively online community by now, mostly populated by nerds, free software enthusiasts, artists and activists.
Re OP: It sounds quite like what Storj and MaidSafe are also trying to achieve.
Once one of the new peer-to-peer end-to-end encrypted networks is online and popular, a social network written on top of it can very well replace facebook, because it
will be easier to use, as the synergy effects with other features will be immense. Finally all the ideas and concepts that the inventor of hypertext, Ted Nelson, laid out already in the 1960s will be available.
https://en.wikipedia.org/wiki/Project_Xanadu -- (He calls today's web a parody of an hypertext implementation.)