Interesting idea, but one flaw is that some users are active in multiple streams, so they could vote twice. But maybe it could be more like a UK parliamentary system than a US electoral college one.
So each stream has a certain number of seats, depending on the number of followers it has. And then the streams hold internal elections (which acts as a midterm between the general election) to nominate a certain number of candidates, depending on the number of seats in that stream (and candidates can only run in one stream). The users that are nominated will be the Members of Parliament, and be granted MOD powers in the stream they ran in.
And then two big elections can be held every four months in the IMGFLIP_PRESIDENTS stream to elect the President, who will have MOD powers in all streams that are taking part, and the Head of Parliament, who will only have MOD powers in the IMGFLIP_PRESIDENTS stream, but has control over parliament. Both the President and Head of Parliament must have running mates in the election, who will become Vice President and Deputy Head of Parliament, respectively. They both receive MOD powers in the IMGFLIP_PRESIDENTS stream, are Members of Parliament, and are in the line of succession for the presidency. The Vice President is 2nd, the Head of Parliament is 3rd, and the Deputy Head of Parliament is 4th.
If we implement this system, then the first midterm election will be at the end of December, and the next general election will be at the end of February 2021, and then the second midterm election will be at the end of April 2021. It makes sense to extend the terms from two months to four months, since there will be midterms in between. Otherwise it will be too chaotic. For both the midterms and the general election, all voters must comment ranked choice votes in the comment section of a particular meme, and then those votes will be transferred here: https://rankedchoices.com/
The instant runoff process will be made public, so it can be proven that no fraud took place.