Has anyone looked into Statechains / Mercury Protocol? The premise is swapping/passing on Private Keys to trade value instead of moving sats from a UTXO to another.

Cool in theory right?

The coins get locked into a channel state and then you can pass on the priv key by using a multi SIG set up where a coordinator burns the old priv key and a new one is generated. (Its complex but this is the easiest way I can ELI5).

I thought the idea had merit. But it sort of died and no one took it up.