Indeed. Anyone interested should check out the initial announcement on the blog: https://blog.tildes.net/announcing-tildes
Privacy oriented, open source, user funded, focused on quality content, aiming to develop a user-centric moderation system like slashdot and stack exchange that puts moderation into the hands of the people who participate in each individual community.
If you have a reddit account, you can visit /r/tildes and leave a reply in the sticky invite thread to get an invite code within a day. Or, you can send an email to [email protected] to get one.
It's worth noting that Tildes is created and operated by Deimos, the same guy who created reddit's automoderator and subredditsimulator.
Already exists and made by one of the earlier reddit employees: https://tildes.net