"Since all content on the platform can be edited or deleted by other users, he believes there's a good incentive for good behavior by users." There is zero chance this policy survives having a million+ users intact.
It will become power users controlling the narrative. Sort of like how edits and that approval process on wikipedia operate right now.
I have my doubts that'll work for a social network. Good luck to them, but I'll have probably forgotten I signed up by the time they next send me an email.
Side note you seem to be able to bypass the signup queue by visiting your own friend share link.