Do you imply that the shareholders of this DAC get a (fixed?) percentage of all the DACs that are funded this way? If not where does this "crowd funding DAC" get its value from?
And do you mean that the majority of the shareholders decide on which dev team to fund?
An issue might be that the funds the dev teams receive are not as liquid.... Invictus had the problem that PTS are not very liquid I think.
Also I would have to trust the judgement of the other shareholder which is can be good and bad.
I believe in shareholder controlled spending, whether that is determining dividends, or dilution, or determining where the money goes. This is how real companies work and I think if we want to appeal to serious investors this type of arrangement will be most appealing. The more stake you own the more power you have over how the company allocates resources. With this in mind, the idea of the social consensus is perhaps not as cut and dry and maybe the social consensus doesn't fully account for distribution via dilution. But that doesn't mean it shouldn't be done or that the market won't accept it.
My first approximation would be that we give a good amount in the original DAC to AGS/PTS, maybe 35%/35% with 30% to initial investors. We need active shareholders for this to work, so people must actively claim their stake or after a certain reasonable time it expires. This way we don't give too much stake to those who have no interest. I think the market would accept this as honoring the social consensus. From there we could see this DAC as primarily a ProtoDAC for a new family of DACs that honor the original. There would be no specific obligation to further honor AGS/PTS in DACs that were funded by this DAC. That said, there still may be a reason to do so and it is not precluded, and in some situations there might be better distributions than completely honoring the ProtoDAC.
As far as the shares not being liquid, I think you would be pleasantly surprised. We may need to bring in new investment capital as we grow, but I would be happy to take a lead in finding investors and making sure that developers who need money to pay their bills have investors ready to buy their shares. Most startups don't have super "liquid" shares but they still find eager investment capital as they grow and prove themselves.