I had not read that....I really don't see how you can run a closed source model cryptocurrency successfully unless it runs on the basis of Zero Knowledge Proof (ShadowCash) or you're totally antithetical to the ideology that Bitcoin and other likeminded cryptos represent (looking at you Ripple).
As for it being vaporware, that's totally possible as well, but coming from a comp sci background, this guy may be onto something here. Not sure about the exact results (I'm not sure how this could translate to 1000s of profitable nodes, perhaps it could scale to that level, but I'm really not sure how), but I think I see from the outset how this could flow together. Though the long time to accomplish this is unsettling. I think he has ideas, but he really has no idea how to market himself. Why not bring him on board to update our ideas? Should probably reach out to him, or atleast get Dan's opinion on it (that would be interesting to me).