Actually this inspires the idea that your phone might simply be
an application hosted on a personal website,
the handset merely vpn'ed into it somehow...

...So if it gets lost/stolen/whatever
the handset reveals no privy bank/family data
and your contact list does not get spammed out of existence.

That considered,
it is probably just a rephrase
of what someone somewhere already does.
I am a bleeding-edge expert on reinventing what
can already be bought at the local grocery store.