Can Steemit Replace Peer Review?

I am a librarian and an academic. I've only had a couple of papers published, but while I was an active student, I engaged with paywalls and peer review journals quite a bit.

The Steemit publishing / reward model is, well, it is an incredible idea. I have been thinking, could Steemit replace the Peer Review system?

Let's future this idea a bit, what would it look like?

Q: Would the value of an academic paper indicate its ostensible scholarly value?
A: I think yes, as long as the audience is seen with a degree of validity.
Q: Are there other reasons?

Q: Why would academics choose to use this model?
A: Right now, academics put a lot of work into research papers in order to just be eligible for teaching positions, jobs, etc. All of the actual profit is reaped by the journals.

I am interested in hearing the Steemit Community's thoughts on this subject.