Comment by gus_massa

This idea looks very similar to journals! Each journal has a reputation, if they publish too much crap, the crap is not cited and the impact factors decrease. Also, they have an informal reputation, because impact index also has problems.

Anyway, how will universities check the papers? Somone must read the preprints, like the current reviewers. Someone must check the incoming preprints, find reviewers and make the final decition, like the current editors. ...