Today we are releasing our prototype app, that lets anyone upload raw videos, as well as cross upload from YouTube.
If you don't feel like uploading anything, here a video by 
HOW IT WORKS
Videos are being distributed to our small cluster (just 2 nodes in Europe at the moment). We are using IPFS to sync the underlying files between the nodes, and the Steem blockchain for immutable storage of root hashes and video metadata.
WHAT IS MISSING?
For the system to be able to scale, there are two critical components that need to be implemented:
1.) An efficient, server-less mechanism for video encoding.
2.) Fair and cost effective incentive system for node providers to store and stream content.
We are currently preparing proposals for addressing both challenges.