It's just a one time pad with a novel key distribution system, where instead of directly sharing the key, you share the information necessary to extract the key

It's just a one time pad with a novel key distribution system, where instead of directly sharing the key, you share the information necessary to extract the key from a random stream. In addition to not introucing any new security advantages, it brings in a potential weakness - what if the source of random numbers isn't as random as the designer thinks? Someone could potentially retrieve the key without having access to the key extraction information...