Something open, standardized, quite similar and already working is Web annotations. This includes 'robust anchoring' capability which could surely be used to solve this problem.
This looks similar to Genius.com's annotations. I wonder how this will evolve with multiple providers allowing similar functionality. Ideally you'd be able to combine annotation networks for a single URI to get all possible annotations you want on a given page.
Problems with these types of systems are the same as product reviews like on Amazon. Astroturfing & false information. It'll be interesting to see how that evolves.
Hypothes.is is general purpose but has a focus on scholarship. They have different namespaces (including global) and work with different communities (and customers) to provide overlaid environments.
Moderation and curation are perennial issues. Maybe these ovelays will help. It's not the same, but Reddit has different communities on different subreddits (with different moderation policies) discussing the same thing.
And re portability, they've made some very encouraging noises about data portability and exhange. It's baked ito the standard, and their default content license is, I believe CC something.
» At least one member of the Hypothesis team came from Genius (formerly Rap Genius) which is the largest annotation service on the web.« https://news.ycombinator.com/item?id=13739965
https://www.w3.org/community/openannotation/
Hypothes.is is a well established open implementation.