Unless you have a truly original idea that nobody who has given this throught stumbled on - it's not, and it won't work for all the same reasons that Mastodon does not work.

Those reasons are harassment, child pornography, and having to delegate censorship to moderators/people with way too much time on their hands.

You end up back where you started, with a clunky layer of centralized censorship on top of a distributed system.