It's just a git repo, so it does not replace a forge. A forge provides a lot of services around the repo and makes the project discoverable for potential users. None of that is covered by this thing.
I frankly see little value wrapping a decentralized version control system into layers of cryptography that hides where the data is actually stored (and how long it is going to be stored). Just mirror the repo a couple of times and you have pretty good protection against the code going offline again and you are done. No cryptography needed, and you get a lot of extras, too.
If you do not like github: Use other forges. Self-host something, go to Codeberg or sourcehut, use something other than git like pijul or fossil, or whatever tickles your fancy. Unfortunately you will miss out on a lot of potential contributors and users there :-(
My coworker used it till his HDD broke, taking his key into data heaven. The repository is still online thanks to radicale, but he has no way to ever get push access to it again.
So it is useless as any misstep can potentially kill your access to the repo.