I'm pretty skeptical about peer-based remuneration not devolving into unfair (if not toxic) remuneration in practice. "Proof of work by vote" etc seems very much in that direction.

I've already seen how people scratch other's backs in peer feedback during performance reviews, and I've heard plenty of description of negative aspects about promotion-oriented behaviors driving what people work on at companies notorious for that kind of stuff. Not to mention all the actual biases pervasive to the "meritocracy" crowd.