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Very interesting project. But it was far too much of a delay when I visited your site: https://coinkite.com/ much more than CloudFlare ever causes, I believe.
Ultimately this isn't a replacement for CloudFlare at all though. Their primary service is only possible by having more servers and more bandwidth than the bad guys can muster for DDoS attacks.
This is very cool. Doesn't quite provide the hundreds of gigabits/second of capacity that cloudflare does.
I also wouldn't undervalue the global reputation data they have from servicing so many websites.
But still, this is cool :).
Just FYI, all the hackers out there: not yet in production!
Considering all serious attackers already bypass the CF browser check, what's the point?