PeerTube is an open source video platform that works as a network of independent servers instead of one central site. It is supported by the French non-profit Framasoft. Instances talk to each other through the open ActivityPub protocol, and WebTorrent spreads delivery between viewers to reduce the load on servers.
PeerTube is a self-hosted open source project, so it is not necessarily European: anyone can run an instance, and where your videos live depends on the server you pick. Framasoft's involvement and the many European instances make it a practical European alternative to centralised video sites for creators and communities that want to own their hosting.