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It seems so. Its the notion of "Trust Lines"[0]

All this thing does is limit potential losses from fraud. Not eliminating.

The main value proposition of a blockchain is to solve the "principal-agent" problem [1] and gis simply reduces the risk but doesn't remove it entirely.

Plus some of the requirements on a node having to be online (in a decentalized, byzantine environment) all the time are unrealistic.

This seems more like ripple.

Stellar uses a more sophisticated notion of "quorum slices" and is resistant to byzantine faults [2]

[0]: https://trustlines.foundation/faq.html

[1]:https://as1ndu.xyz/2021/04/clarifying-the-blockchain-proposi...

[2]: https://youtu.be/vmwnhZmEZjc