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I'm talking about the original Napster, which would function shockingly close to how PeerTube presents itself. The only thing missing from there original Napster would be a media player.
If that can be done in the 1990's, there doesn't seem to be a reason why it can't be done today.
I think we had several of those. I remember a few other projects that did some peer2peer content delivery and streaming. I'm not sure. Usually with those, people start complaining that it's "too complicated" because they need to install some software just to watch a video. Or they want to watch it on their phones and that's kind of impossible with p2p without draining the battery real fast. Or they're used to videos playing almost instantly (from using YouTube) and now it needs to buffer (more than) a few seconds for less common or trending videos and that's inconvenient, too.
And the crowd on the internet and usage patterns have really changed over the last decades.