Would you pay your friends to stay consistent

Sharing an idea for a system I've had in my head for a while, and would love some honest feedback.

The concept is centered around accountability and group habits.

You create a group and invite your friends (up to 10 people). Everyone agrees to commit to a daily habit, such as going to the gym, studying, reading, practicing an instrument, etc.

Each day, every member has to submit proof that they completed the habit. Depending on the challenge, this could be a gym photo, a location check-in, a screenshot, or some other form of verification.

The interesting part is that the streak belongs to the entire group, not the individual. Once everyone in the group submits their proof for the day, the group streak increases by 1.

However, if a day goes by and even one person fails to submit proof, the group streak is broken. The person who broke the streak is then required to pay every other member in the group a predetermined amount (for example, anywhere from $5–$50 per person).

The idea is based on the psychology behind the Köhler Effect, a well-documented phenomenon where people tend to work harder and stay more committed when their performance affects the success of a group. Research has shown that people are often more motivated when they don't want to be the person who lets their team down. Instead of relying solely on self-discipline, the app leverages social accountability and peer pressure to make habits stick.

Do you think this is a system you'd use? What concerns, flaws, or improvements do you notice? I'd love to hear any feedback