However, what would be the advantages of that compared to simple vault node caching as already done now? Still each player only has a subset of the vault on his system, and nobody can replace the central vault if it exits.
Windows browser elections work fine because the only information that browser has to have is which PCs are in the workgroup, and all PCs broadcast that anyway. So, if the main browser leaves, all data can easily be recovered by doing something like "I'm the new browser, gimme your data". Each client has "his" data set without any intersection. The situation in Uru is different, there's a big common tree-like database everyone reads and writes, but nobody ever downloads in total.