I thought that it wasn't handwaved away so much as discussed as being developed by a particularly skilled group as part of promoting a populist freedom oriented crypto, and funded internationally over years by the Ministry but as a minor project that blew up due to network effects kicking.

In that respect I thought it was realistic and while background to the main plot and characters, included as one of the better solutions that together all add up. I didn't mind it as reference rather than story, but thought "that would be an interesting story in its own right" and since KSR is not a software dweeb and typically doesn't go there, I would rather read a version by Stross or N. Stephenson.