It's a mono-blue Coalition Victory deck.
Wait, what? No, seriously. There are a few ways this deck tries to achieve its goal. It's casual as heck, and I don't know if it's good, but it sure is fun.
The central delay trick is to take the collection of anti-red spells (Blue Elemental Blast, Hydroblast, Sea Sprite) and then use either individual casts of the colour-changing permanents (Prismatic Lace, Govern the Guildless) or, more ideally, Swirl the Mists to turn "red" into whichever colour an opponent is currently playing. (If they're already playing red, which my local metagame does a lot, this becomes much easier.)
Now, once you've established that you've got control, it helps to be able to, y'know, win. That's where the following come in handy:Kaho, Minamo Historian lets me exile three instants (usually some combination of High Tide, Frantic Search, Spectral Shift, Blue Elemental Blast and Cloudshift) which I can then cast for their converted mana costs.Realmwright enters the battlefield and gives all my lands an additional basic type. Evolving Wilds is now a fetching Forest!Govern the Guildless works either for its Forecast or real ability.Cloudshift is either protection or bouncing Kaho for another three instants (and sometimes both!). Mnemonic Nexus lets me do the whole thing again.
In the future I think it might be useful to acquire a Blood Crypt and a Temple Garden instead of the four non-blue basics. which I'd probably use to make space for more combo parts. Given that doing so would double the price of the deck, though, I'm in no real hurry.