Sounds like an interesting thing to try! I do think it might tend to group users into a groupthink / exclusion mentality, maybe, or maybe it won’t, but definitely cool idea.
I’ve seen plenty of mod drama / trolls over the years, seems like a fundamentally human problem, kind of like good vs evil in a way, almost impossible for one side to win over the other.
I thought Blockchain was how the protocol knew how to federate, e.g. where to find other users. (?) I don’t really remember how Blockchain works but iirc it is a way to verify trust, e.g. this person really is /u/sem because our shared document says they are.
I know DNS is an alternative but it kind of sucks. Bluesky is inventing it’s open DiD thing for identity and it is centralized in practice but might be a good system. And I have no idea how it works.