It has three goals:
It means you others should not be able to browse the net, pretending to be you, buying stuff in your name, or signing you up for things you don’t want.
It means that you should not need different software to interact with every website. They all should work the same when it comes to proving you are who you claim to be and in them proving who they claim to be and in sharing precisely which information you feel like sharing.
Users can sign on to one online service — be it banking, retail, research, literally anything — and then have the freedom to go to any other service that’s Liberty-enabled without signing on again. Forget about learning and remembering all those usernames and passwords.
I have heard nothing about it in the last few years, so I think it has died.
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