Curious what more experienced engineers/founders think of this: I feel that one way to solve both the ownership over data problems and minimize server costs is

Curious what more experienced engineers/founders think of this: I feel that one way to solve both the ownership over data problems and minimize server costs is to use some sort of P2P system where all posts, images, videos, etc are hosted locally. This could be through a browser extension when on a computer, within local storage on mobile apps, etc. When a user pulls up their feed, it would be directly pulling posts from the locally hosted accounts of those they follow, similar to torrenting. With the bulk of data center costs offloaded to P2P, the remaining server costs could run on donations, similar to how Wikipedia does now. I'm not sure if a social network like this currently exists, or if I'm missing some potential problems with the concept. Thoughts?