I assume that he means they are reinventing keyservers (e.g. http://pgp.mit.edu:11371/ http://pgp.mit.edu:11371/, and the web of trust for verifying authenticit

I assume that he means they are reinventing keyservers (e.g. http://pgp.mit.edu:11371/ http://pgp.mit.edu:11371/, and the web of trust for verifying authenticity of public keys), not the crypto itself.