Hello fellow roleplayers!

I have in mind a game in which we play out the usual business of the usual medieval fantasy adventures. The world is just like it always is; full of wizards and dragons and knights and bandits and rogues and all of that. And we're the usual adventurers, braving it all, trying to find our place in it. So far, everything is as it always is. No surprises.

My one radical idea is that we skip the GM and the red thread of the story. Everyone is the GM! Noone is the GM! How would that work, then? We would of course need rules, or guidelines, do define what we can and cannot do.

For starters, I'm thinking:
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[*]We are allowed one protagonist each. Our protagonist is our personal hero with which we experience and interact with the game. Our protagonist has Rights; you can't kill another players protagonist without her/him agreeing on it. You can't control another players protagonist. You can't decide if or how another players character gets hit or notices something. Basically, your protagonist is your own and is basically untouchable.
[*]We are allowed several NPCs each. NPCs are other inhabitants of the gameworld. An NPC can be anything from a questgiver to a barmaid or perhaps some kind of monster or villain. NPCs have little or no rights. You may control or kill other players NPCs at will. If doing so, you might first want to consult the creator to avoid frustration or anger, but you don't have to. It is ok rule-wise.
[*]We are all allowed to create lore for the world. We can make up settlements, schools of magic, peoples, cultures, monsters... you name it. Once created, the particular piece of lore belongs to it's creator, but not entirely; other players may add information as long as it doesn't contradict the already established lore.
[*]Apart from these rules/guidelines, the usual code of conduct still applies. Don't be an asshole. Don't purposefully sabotage the game for other players. As the owner of the thread, I reserve the right to kick assholes from it. 
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I think this might be a fun and interesting take on the usual fantasy adventure story. Do you feel the same? Join in! Do you want to add or dispute something in the rules this far, or just ask something? Go ahead!