Open relationships

Boyfriend and are are thinking bout an open relationship. We have set rules already like using condoms letting each other know when it is happening 
Being honest and open about what's going on and keep open communication 
Let each other know where we are in case anything goes wrong and cellphone on our person at all times and not on vibrate u less at work. And no dates with the other party only sex. What is your guys take on it? Would u do this ? Keep in mind my boyfriend and I have been together for 4 yrs, and are thinking this because he's the only person I've had sex with and we want to be with each other forever. Also we don't want each other to always be wondering what sex with someone else would be like and regret not exploring what's out there.