This is not how a blockchain works! STEEM is a DPoS based blockchain where who have the highest stakes, have the highest power to contribute to the blockchain.

Even STEEM has some values of $1 or $2, because those whales or dolphins and minnows bought the coins from the market place. The whole thing of selection is another aspect of argument who are the committee (Noble selection committee) and how to select them, in case of STEEM blockchain, it is STEEM stakeholders. Also, selecting a top quality content is always limited by human biases which will always be hard to overcome. At least, in Steemit people are proposing alternatives and developers are working hard to implement them.

For starters, whatever the idea is, it has to be implementable within the codes, for example, 7 days voting period is here for a reason. Therefore, the proposal may sound very intelligent, but in code sense, it is very vogue!