Would it be possible to distribute content (images, videos) through an architecture similar to torrenting, but specifically for the purpose of replacing traditional Content Distribution Networks? Or rather, would such a thing be able to work reliably?

I know there's some stuff that does something along those lines, like PeerCDN (wtf, they got bought out by Yahoo?), but I'm curious to see whether there could be a way to have the advantages of a CDN for things like federated content going to many servers, but without the "huge centralized cloud service" part.