Replacement for username and password?

Steve Gibson, the Never10 guy, is also involved in the development of Secure Quick Reliable Login (SQRL pronounced squirrel). This seems like IT security gold to me, but I'm no expert. Could this be a new industry standard to the age old password? If so, think of how this could eliminate all login hacks that currently plague modern websites.

https://www.grc.com/sqrl/sqrl.htm

He has been discussing SQRL in the last few Security Now podcasts too.
Sounds amazing indeed, the team behind SQRL really did their homework.