Sure that could work. But it doesn't cover third party development, which will be the main driving force in cryptocurrency penetration in this year and the following .. and not just one centralized development team.
Interested to hear what you class as third party development? Software, Hardware, Services, additional core development?
How can you keep them from becoming entirely closed source?
Open from the start, multiple contributors, patches from healthy up to date forks - the usual methods.
Take a look at BBR right now, over 50% of the coin is mined by Christian and Christian alone. Not all the hard-coded centralized developer fees in the world can stop that, and he's currently in a position where he would require infinite money to open source or even distribute his software.
What then?
The fee model is only to provide a fair approach to remuneration. All aspects of the project would have to be open, right from the start, including the initial requirements and proposal, even before specification happens. As we are doing here
