Yes, this is essentially a PGP-like thing based on elliptic curves instead of RSA, so the keys and the signatures (and the code!) are all much smaller.

Yes, minus the whole WoT part.

Note also that support for ECC is already there in the latest GnuPG, and Ed25519 is already supported for signatures. The rest is coming:

https://gnupg.org/faq/whats-new-in-2.1.html#ecc

> minus the whole WoT part

CLMM is not even close to being as featureful as GnuPG. But it does a lot for being <1500 LOC (compare to >200 kLOC for GnuPG). If you want to look under the hood to see how things word, CLMM is a lot more accessible, which was its primary goal.

Another project which seems similar in spirit is reop: http://www.tedunangst.com/flak/post/reop