This seems like a good project.
I believe you have already done your research on Youtube's CDN and its algorithm of distributing videos based on popularity? (will be very very helpful in reducing the network overhead, and transmission delays.)
If not, you should research a little bit about Youtube CDN network on how it realizes pseudo-decentralized architecture (from the infrastructure's point of view). Might help you push your development a little further.
Apart from that, i am overly curious and interested on how are you going to overcome the very-very-very-high network bandwidth such a project will demand. There are ISP's out there who are actively throttling Video Streaming service speeds. (this will be your biggest challenge.)
Thanks for your feedback. So, Bit451 actually isn't so much concerned with the delivery of the content itself. Rather it works as a sort of interoperable mesh of multiple different P2P file transfer networks/protocols (i.e. BitTorrent, Storj, Freenet, I2P, Tor, MaidSafe, Bitcloud, Tahoe-LAFS, Dropbox, etc), providing one seamless experience for the end user. Bit451 lets each of those networks do its own thing (the hard work) as far as (streaming) content delivery via the
Portal Gateway as necessary, though some networks (ex: Storj) have streaming capability built-in.
So Bit451 provides streaming access to the P2P content spectrum. Bit451 users then index said content via Bit451 accounts. This [meta]data is what's stored on Bit451's network, via the
Bit451 Database. And this completes the YouTube-like experience.
Does that help clarify?