Twister is interesting.  It's a decentralized "microblogging" system based on putting together existing protocols:  Bitcoin, distributed hash tables, and Bittorrent.  The most interesting part for me is using Bitcoin for user registration and spam control.  Federated systems handle this with federated trust, which is at least conceptually simple.  The Twister/Bitcoin mechanism looks intriguing though I don't know enough about Bitcoin to really comment.  Need to read further.