Minimum 5 "custodians" required to liquidate the mint. Not foolproof but if custodial members were rotated yearly it adds a lot of complexity and effort to collude.
It's too complicated for the average user . I can hold my BTC privatly on my own. There's already wallets like Alby that are not used by 8 million people. There are people that will not understand this and I can not see it being adopted if BTC is accepted by the average person. I can't see an apple cart vendor using this.