are you talking about ORCi?
yes - it's a measurement/VPP based rating system.
My own opinion is that it (and its cousin ORR), can more fairly rate a wider variety of boats than IRC.
But I don't believe that any rating or handicapping system works well enough for the results to have real meaning, except in a few limited cases.
There are several ways of applying the ORCi handicaps, and the methods that work better are also harder to use in practice.
I doubt that ORCi or ORR will take over in areas currently dominated by IRC.
the ORC website is probably the single most useful website in all of sailing - have a look. There is very good documentation of the ORCi VPP.