I may be missing something but I'm pretty sure its not competing with nostr. Essentially, using mainline DHT (which torrent clients use) and a public/private keypair, it's a decentralized way to create name records. So for example you can sign a message with your keypair saying I want to claim www dot abh3po dot com, direct it to x.y.z.w IP address and publish it to the DHT using the PKARR protocol and now that domain will resolve to your server. No need for ICANN. Though one of the devs told me it won't necessarily work in the browser out of the box this way.

Regardless, its not just for domain names, any names can claimed in this way. You could have a record resolve to an npub or a bitcoin wallet address. You would need whatever nostr client or bitcoin wallet to use PKARR to resolve these names but if it did, then you have permissionless and decentralized DNS.  

 Ohh interesting will have to checkout PKARR. TYSM!