Fully decentralized stablecoin pegged to electricity

Here is the actual paper (it's linked in the article): https://cryptoeconomicsystems.pubpub.org/pub/murialdo-physic...

It's a little bit hard to figure out if this work is:

a) a fascinating but ultimately impractical thought experiment; or

b) utter bullshit, a pollution of the signal/noise space; or

c) actually possible? maybe? (extremely unlikely...)

From my understanding, it kind of reminds me of physics papers on warp drives. Impossible, but there's still some sort of tantalizing intellectual idea that feels like it could go somewhere.