It is impossible to judge a protocol when we have no threat model/what goal the protocol is hoping to acheive. I think we should agree on that first, before discussing the protocol. More specifically, which of the following OTR goals we are aiming to acheive:
1. Participant Authentication. 2. Room view consistency. 3. Message origin Authentication. 4. Forward secrecy. 5. Transcript Consistency. 6. Deniability.