I have never heard about this but Keychain is kind of great. I do like having alternatives but it does look like a lot of stuff needs work. If they can fix it, then it might be a good alternative for specific cases.
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I had known about it because I am interested in what Peak Open develops, but haven't tried it until yesterday. Of course, as Jarvie said, it's a first release and they didn't get DAO funding for its development the full time, but I'm sure things can and will improve.