It is indeed based on Perspectives. But the implementation provided with Perspectives does not have privacy. If you contact a notary with Perspectives then that notary has your browsing history. See 36:50 on http://www.youtube.com/watch?v=Z7Wl2FW2TcA
Very interesting, thank you. It looks like it solves very significant problems in a very good way (I'm amazed the Perspectives guy missed them, especially sending the certificate to Perspectives like Convergence does).
I really, really hope this catches on and gets built into browsers...
http://perspectives-project.org/