I'm wondering if there is a way to create a ranking system similar to #bitcoin-otc, but making it decentralised?


Shouldn't be too hard. Let the identities be coupled with a private/public keypair, ratings for one another are signed. As long as you do not blindly trust identities with high ratings but instead go through the web of trust (either you directly trust someone or trust him because he's trusted by some of your trustees) then you should be able to recreate the #bitcoin-otc web of trust faithfully.

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