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With a few minor changes, eLife is a non-profit journal that has that kind of peer review process: https://elifesciences.org/about/peer-review

It is quite well regarded now, they publish excellent research and the whole process is crystal clear.

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One of my favorite journals. Perhaps of interest to HNers is their fairly active GitHub: https://github.com/elifesciences, and my favorite project of theirs, Lens: https://github.com/elifesciences/lens, it's a paper viewer that actually makes reading papers easier (there's loads of these out there but most are crap and inferior to a PDF).

I think it remains to be seen how/if its reputation changes given their new approach. It will take a number of years before its impact can really be assessed.

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