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The project is very simple...
Instagram clone BUT not only for pictures, but for Videos as well..
If you can make a website / mobile app for users where they can record and upload short clips and share on facebook and twitter and other can comment on the videos.
this should also include the pictures option as it is in instagram.
the friends following, rating, commenting and linking with social networks..
admin full controll at backend to control the content...
option to report or flag the media.
and other general website options..
thats not very hard to do i am sure...