I am calling this pattern Vercut as it is a blending of Versa and Yincut. It really is quite simple to do and steps 3 and 4 can even be combined as you are going along. I did shading in the example, but as you can see in the box top, it looks nice without shading too.
Originally, I didn't create this as a grid pattern, well, I started with a dot grid. After I started drawing the design however, I realized that I was drawing the grid in as I did steps 3 and 4, so I went ahead and drew the grid.
I hope you like it, and again, please let me know if this design is already out there.