Earlier quoted context omitted.
You're unfortunately right. I say unfortunate because I really, really like the name: it sounds good and conveys their mission very well, but ease of spelling is probably paramount.
I'm not so sure about the name. I understand how it conveys their mission exactly and it does that really well: leave facebook(or twitter or wherever), come here. I can see how setting themselves up from word 1 as opposition to facebook has a huge amount of importance but what happens to that branding on the off chance they win? (I know this is like planning where to put the swimming pool in your 1 bedroom apartment…
The whole idea is to allow the Facebook-bound multitudes to leave that particular kingdom and spread -- along with their data -- across the Internet, as a decentralized system.
The name is therefore the goal, the intended result. It's a high bar, but it's an ambitious project.