I would agree in hosting the videos themselves in a centralized database. What would be decentralized could be:
- The metadata/links to the videos, so that YouTube itself could not select which videos to promote or shadowban. It could work like Steemit where each user can build a custom client to fetch the kinds of videos they want to watch.
- Advertising, ie. eliminating AdSense as a payment medium, instead allowing advertisers to auction for each video and pay creators directly to their wallet. Could also include options for direct transactions from subscribers