We used to do something like this in the original Moodle classes, using a combination of a Journal activity and a Forum.
Students would reflect in their journal, getting feedback from us teachers, then at some point we asked them to copy their entry into an "each person posts one discussion" forum. Everyone was then encouraged to respond to at least three other texts in that forum.
One could use the ratings in the forums, too. We used the standard Connected/Separate learning scale but it could be anything.