PeerTube is a free, federated server application that creates video hosting web pages. Each video is streamed via a web torrent (as in BitTorrent) to the server and distributed to each user of the server. The "federated" part means that servers, sometimes also called "instances", can connect or disconnect with each other directly.
From Client to Server
PeerTube itself is easy to use. The developers even provide an example instance to use yourself. Depending on the server's rules, videos may be stored on a more permanent basis, or they might come and go. Thus, it's key to find an instance you'd enjoy. At the same time, creating your own instance requires a web server, properly set-up, and the knowhow to operate the server application, so the average user can't just make their own.
Worth Looking At
Overall, PeerTube is a worthy competitor to other video streaming services in theory. In practice, it depends on how many PeerTube instances are operating and how well they do. End users should definitely keep an eye on PeerTube to see if there are any instances that catch their eye, and Mastodon social network users will definitely be interested. But only those with a little technical know-how should try making the next YouTube themselves.