Your system while great for most can still be exploited to falsify having read an article.

The solution to moderation is open moderation. Moderation where anyone can moderate for any reason but the reader can choose WHO moderates for them or even choose to have no moderation at all. Ideally moderators would form groups and be rated with good default mods selected by default, i.e. several of the highest rated auto selected. Discussion.app is a platform with some of this implemented. Hopefully many sites will one day and things like federation will be the main way of the internet.