An Interesting Concept for a Campaign

I have this idea that I've kicked around with my playing group about a way to have a rotating DM in the campaign. (Would love feedback or let me know if you have tried something like this)

There are 5 of us. 1 would play as the same main character the entire time, while the other 4 of us would take turns being the DM on a story arc basis. Each DM would write an arc for a portion of the main character's life in different time periods, different locations, NPCs, etc.

When not playing as the DM the other 4 would each create a companion for the main for that phase of their life. Companions might come and go depending on what order the DMs go in or you could play as a new PC with each new arc.

At the end of the 4th arc you would have a complete saga of the adventures of the main. Nobody would feel stuck in the "forever DM" chair, and you could have 4 very different flavored stories wrapped into one campaign.

Let me know your thoughts.