You did not answer the question on where the money would be coming from to pay users? The only thing I have seen before is sites similar to this, where you are bombarded with advertisements and people do not like it when they are visiting sites with loads of advertisements.

Also, will you be rewarding people for Copyrighted content too? This will get your site closed down very soon, if that happens. You will obviously have to use external storage, because it will not be viable or cost effective to host the content.

Good luck with the site, I am curious to know if this one would succeed or not.