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YouTube currently makes sense of centralized hub because we haven’t found a way to compress video files in a way that makes sense for individual entities to get into storage. You need next-level resources to run a site like that.
All of Wikipedia can fit on about 25 gigs. Reddit, probably half of that at best.
YouTube’s server farms must have incalculable space, how many thousands of terabytes are being updated each day? It’s biggest competitors like Vimeo are a fraction of the size.
With where technology is, the alternative for YouTube wouldn’t be a different website. It would have to be mods that bypass ads and customize the experience.