VideoCoin to Pay ‘Zombies’
The VideoCoin Network is a decentralized video encoding, storage, and content material distribution system that turns all cloud-based video providers into an environment friendly algorithmic market operating on a brand new blockchain with a local protocol token, the VideoCoin (VID).
VideoCoin is will deal with encoding, storing, and streaming video, whereas tapping into zombie servers, that are idle or underused computer systems in knowledge facilities. According to some estimates, an estimated 20 million video-capable web servers go unused daily whereas sucking up tons of electrical energy, translating to $30 billion in wasted capital funding.
Minor, who’s no stranger to Bitcoin, plans to pay the homeowners of those servers with VID tokens. This will allow VideoCoin to create ‘the brand new cloud’ on a safe, public blockchain, by brining collectively low-cost computing sources from around the globe.
VID tokens are scheduled to be distributed by way of an ICO slated for March of this 12 months after already elevating $25 million in a pre-ICO.
Minor Takes Aim at Amazon
The VideoCoin Network needs to seize a piece of the market presently crammed by Amazon Web Services and different related cloud-based video processing companies. VideoCoin is anticipated to be 60% to 80% cheaper whereas additionally letting customers create apps on prime of the community.
It goals to show all cloud-based video providers into an environment friendly algorithmic market, operating by itself public blockchain with a local protocol token.
While as we speak’s blockchains can not deal with video streaming as a consequence of lengthy transaction occasions and restricted computing capability, VideoCoin’s blockchain guarantees quick transactions utilizing proof-of-work and proof-of-stake to help a fancy infrastructure. The VideoCoin Network permits miners to earn tokens for encoding, storing, and delivering movies, whereas additionally embracing current infrastructure as relay miners connect with third-party servers reminiscent of Amazon Web Services.
Minor’s enterprise mannequin may show to be profitable. Today, round 80 p.c of all Internet visitors comes from about 2 billion folks watching video on-line per thirty days. At the identical time, this business is rife with centralization, privateness and safety issues in addition to excessive value.
The VideoCoin Network platform is anticipated to be 80 p.c cheaper by deploying unused computing sources and allow a brand new era of video apps by way of open APIs and open source-based improvement. It also can bypass telecoms through the use of peer-to-peer video distribution whereas growing privateness with decentralized, end-to-end encryption.
“VideoCoin borrows a lot from what the blockchain has already confirmed, particularly that folks will join computer systems to a community to receives a commission to do work, and as demand scales so too does provide,” defined Minor. “VideoCoin creates a brand new class of miners who do actual work, not simply accounting.”
Blockchain is the breakthrough innovation that lets us create a greater infrastructure for the way forward for on-line video.
The thought for VideoCoin was developed whereas Minor’s group was creating Live Planet, the one end-to-end system for simple seize and distribution of reside and recorded stereoscopic VR and 360° video. Live Planet is to be the primary platform to make the most of VideoCoin’s blockchain-enabled video infrastructure.
It continues to be unclear, nonetheless, whether or not Hollywood or unbiased video producers will take curiosity within the system.
Will VideoCoin pose a menace to Amazon and revolutionaize video providers? Share your ideas under!
Images courtesy of theepochtimes.com, Shutterstock
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