This topic is about human nature. No matter what people think of, there is few drawbacks that will need to be overcome. Here's a short list of human shortcomings, I decided to publish here, because if you're going to try something new like this, why not take improving ourselves into account:

• People make bad decisions. Did you know: if you were served food on a bigger plate, you would eat more? And if you had to choose from too many options, you would go for the default option? Even if it was the worst option? Problem: Our brains are wired for inactivity, e.g. stay with the default options. A book was published about this, I forgot the title. (Im posting this here when I remember).
• People are born into top-down hierarchies. I have heard some people argument any hierarchy is unnatural to human beings. Don't be fooled: you were born into one: the natural family hierarchy (you-father-grandfather, the grandma, the mother, the daughter). Problem: we are wired for seeking and accepting hierarchy.
• People need linear cause-and-effect explanations. If something happens, something must have caused it. That's the reason so many people believe in god(s) or accept any other belief system. This desire for linear causality is also based on how we are born: as living organisms we see baby's born, grow up, give birth themselves and die. As we try to explain our environment, we use that as our reference point. Problem: the innate desire for linear causality makes us believe in the wrong explanations for larger than life phenomena.
• People are born into families and extended groups. This is why we need to 'feel part of something'. Like a school, religion, ethnic group. Something needs to give us an identity, we can't just be ourselves. All sorts of nationalism, racism, religious zelotism, are all caused by this need to be part of something.
• People are driven by fear and laziness.
• People need to feel special.
• Etc.
• Etc.

The list could go on and on. But there is a point I'm tryin to make here: Whatever kind of government system we think of, it must accept human shortcomings and work with them.

I believe modern democracy is in a state of constant denial, believe people are perfect beings able to make the right decisions, motivated by honour and equality. But that is all bullshit, and why all government fails.