Yahoo Engineer Jaisen Mathai left Flickr and took to Kickstarter his open source Flikr Alternative. Therefore at the moment he’s raising money and likely the installable source code will run by September and this will be downloadable from Github.
Here the main points of the project, taken from Kickstarter.
• Build a top notch photo sharing service that stores photos, tags and comments into a users cloud service account (i.e. Amazon S3, Rackspace Cloudfiles or Dropbox)
• Provide two versions of the service, both free – installable and hosted
• Allow photos to be easily uploaded, searchable and shared via Email, Facebook, Twitter, etc.
• Document the crap out of it so others can build their own OpenPhoto applications
• Open source the installable version on Github.

OpenPhoto (via PP and TechCrunch)