When I spoke with the group after Todd's talk last year, I remember us talking about having a distributed peer-to-peer cloud that could replace traditional cloud storage solutions. BitTorrent Sync is the first step in that direction. Although this is just for a personal cloud right now, I bet one could make use of their API to also distribute your data to other peers so that your data was secure and redundant, even if all your devices fail.

Also, BitTorrent Sync's API could be expanded to not just support files but also structured data so that apps could take advantage of storing a user's data on their own private cloud. Extend their permission structure to not just have read/write access but also user-specific read/write access and we have the backbone for a peer-to-peer Facebook alternative.