I think the name is quite perfect, really. I can't think of any other single word that sums up what they're trying to do so well, at least not so evocatively.

The whole idea is to allow the Facebook-bound multitudes to leave that particular kingdom and spread -- along with their data -- across the Internet, as a decentralized system.

The name is therefore the goal, the intended result. It's a high bar, but it's an ambitious project.