My kids would hack that system within days.
I refuse to reward participation in family life with cash or reward tokens. Helping - ‘doing your job’ is part of being in a family. Getting an allowance is part of being a kid and learning about money. Linking the two is only going to lead to trouble - though if the kid refuses to do his job I might not be too motivated to take money out of the bank for him.
And I really dislike the current parenting thing about ‘screentime’. I don’t love the kids watching TV for 10 hours, but I don’t much mind them playing games or otherwise exploring the computers for part of the day. They tend to get tired of it and move onto other things of their own accord - unless we make it into a totemic prize.
We do have times of the day when nobody (even adults) just don’t go on screens, so we can all connect. Mornings before school, dinner time, after dinner. But honestly, I remember getting up early to watch cartoons on Saturdays, I have no issue if my kids get up and play minecraft or whatever for awhile. Ditto after school - when I come home from work the last thing I want to do is work on something else. If it is nice out they will get kicked outside eventually, but sheesh, so many parents are completely caught up in handwringing about screen time.
These kids will be spending most of their adult lives engaging with technology on some level, why wouldn’t we let them explore it when they are interested?