PeerTube is software that you install on a web server. It allows you to create a video hosting website, so create your "homemade YouTube".
The difference to YouTube is that it's not intended to create a huge platform centralizing videos from the whole world on a single server farm (which is horribly expensive).
On the contrary, PeerTube's concept is to create a network of multiple small interconnected video hosting providers.
They have recently finished crowdfunding, so it seems to be getting traction