It does not appear to me from reading the charter that there is an overlap here with the IETF KEYPROV work which is concerned with the Provisioning of symmetric keys for use as trust anchors. Such provisioning is by necessity a rather specialised process requiring the ability to make us of out of band authentication information to establish the trust anchors.
What is not clear to me from the charter is the intended field of application (DRM? CRM? Storage of Encrypted Documents?) or the relationship of this work to existing chartered work such as WS-Security, WS-Trust and WS-SecureConversation.
The traditional approach in PKI is to use the framework of trust provided by public key cryptography and PKI to establish session keys amongst the principles that ultimately resolve to a set of shared secrets (in the case of S/MIME or PGP this takes place directly, in the case of IPSEC/IKE there is an intermediate layer of Diffie-Hellman keys used to ensure perfect forward secrecy).
The management of the shared secrets then takes place according to the principles and requirements set out in the application protocol. So in the case of SSL/TLS the application protocol sets out requirements for caching master secrets in clients and the circumstances under which re-key is mandated. Similar provisions are set out in IPSEC.
I do not see where the proposed protocol fits into the existing framework or what identified defects of the existing framework it seeks to rectify.
Perhaps statement of a few concrete use cases would help elucidate the value proposition.
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