Looks nice, but with the bullets originating from the center of the camera, your vision is easily obscured by the bullets and smoke trails. The explosions also hide a lot of things from view. I guess this encourages you to keep moving but otherwise movement does not seem to have much of a purpose, as I couldn't tell whether the enemy ships were actually firing on me. Were those black spots bullets or debris?
I'm not getting a good sense of scale either; I couldn't tell whether the large discs were very close or extremely large and far away. The combination of a bad sense of depth and slow bullets meant I couldn't hit targets reliably and made success depend wholly on spray-and-pray. Failure seems inevitable when multiple enemies are very close by and the narrow perspective means you can't see any of them.
I'd recommend taking another look at the features that make Space Invaders work and tweak the design accordingly, because I don't think this variation is the best way to adapt it.