I think you described North Korea if their system worked optimally
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The slight difference with communism is that communism still has a centralized authority deciding things. Beyond decentralization we would have more of an anarchy.
!PIZZA
People won't just give up their greed. You will need laws, law makers, law enforcers and some kind of a procedure for filling these positions.
With our current collective way of thinking, we would definitely need all of those things. Agreed. That's why this is an abstract concept. Doesn't fit into the current narrative.
Much like theories beyond physics as we know it, this theory is beyond the mentality of today.