This is basically the idea behind Logoot [Weis_2009] that was improved by LSeq [Nédelec_2013] and later extended to the first block-wise sequence CRDT: LogootSplit [André_2013]. LogootSplit was recently improved as Dotted LogootSplit [1] [Elvinger_2021].
Disclamer: I'm the author of Dotted LogootSplit.
[Weis_2009] https://hal.inria.fr/inria-00432368
[Nédelec_2013] https://hal.archives-ouvertes.fr/hal-00921633/en
[André_2013] https://hal.archives-ouvertes.fr/hal-01246212
[Elvinger_2021] https://hal.univ-lorraine.fr/tel-03284806
[1] https://github.com/coast-team/dotted-logootsplit