I love your premise but don't think it's feasible to do on the Steem blockchain. This is where I think we need to work with other decentralized technologies to create solutions based on each tech's strength. The SAFE Network (aka MaidSafe) is our best bet for decentralized video service. I discuss this topic in a four part series, starting here https://steemit.com/maidsafe/@nonlinearone/how-steemit-can-benefit-from-maidsafe-and-the-safe-network
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