the tech problems in building it are way beyond the rewards of making it work, each chain link has to be isolated from the others ( difficult to do), as each phase overlaps silghtly as per pic, it should work so as to start from any position.
the length of chain ( each side part) would be a short conductor which passes permanent magnets, true the power would likely not be large, the current would be high and voltage low, not a pracital device, I think extremely difficult to build something like this, was just a crazy idea that I think would work.