It's a nice idea, and it's probably as safe as RSA with a modulus having
two prime factors, but it seems like Rivest-Shamir and Adleman already
thought about it.  Indeed, the Handbook of Applied Cryptography
(which by the way is a great book, and is even online:
  http://cacr.math.uwaterloo.ca/hac/)
has a 1 paragraph abstract of the patent, it includes RSA with a modulus n
which is a product of three or more primes, and a bunch of other stuff.
You can also see for yourself, look at the last claims (>= 33) of the
RSA patent:
http://www.patents.ibm.com/details?&pn=US04405829__&s_clms=1#clms

Anton
 

Pete Chown wrote:

[...]

Whereas in RSA you form a modulus n as the product of two primes p and
q, in my scheme you set n = pqr, where all three are prime.  The order
of the multiplicative group modulo n is now (p - 1)(q - 1)(r - 1).
You choose e and find d such that de is congruent to 1 modulo
(p - 1)(q - 1)(r - 1).

[...]

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