This is basically the concept of a Webring, and used to be big. Some were fixed (as in the path through the ring was always the same), but some were more flexible or random or semi-random.
A decentralised approach would be new, and not necessarily too hard since the dataset for each ring would be small, so each member could just store all or a subset of the entries in their ring and submit updates to their "neighbours" in the ring that'd eventually spread out to everyone. The challenge is moderation - you'll still end up with some entities that have a privileged position to weed out bad entries, because the appeal was always to a large extent to make discovery "someone else's problem" and the moment you let someone put links on your site someone will try to abuse it.
This is basically the concept of a Webring, and used to be big. Some were fixed (as in the path through the ring was always the same), but some were more flexible or random or semi-random.
A decentralised approach would be new, and not necessarily too hard since the dataset for each ring would be small, so each member could just store all or a subset of the entries in their ring and submit updates to their "neighbours" in the ring that'd eventually spread out to everyone. The challenge is moderation - you'll still end up with some entities that have a privileged position to weed out bad entries, because the appeal was always to a large extent to make discovery "someone else's problem" and the moment you let someone put links on your site someone will try to abuse it.