What is VideoCoin?
VideoCoin is a project that pertains to video encoding, video distribution, and video storage. It acts as a video infrastructure for blockchain’s network.
VideoCoin sees themselves as the “AirBNB of video.” The main feature of the network is its computer distributed network. Users can devote their computing resources – such as storage space and processing power to the network to receive VideoCoin tokens.
This network acts similar to a content distribution network (CDN) or an online video host. As a result, VideoCoin is a scalable, censorship-resistant, privacy-focused and global platform for video sharing.
- Computer Miners: Miners within the network can gain tokens for donating their CPU time (transcoding). This gives them better, more compute, rewards.
- Distribution Miners: Earn tokens by delivering videos (i.e. CDN). The more bandwidth you use, the better the reward.
- Storage Miners: You can earn tokens by storing videos. This gives users better rewards the higher the quantity of videos they store.
- Relay Miners: Earn tokens by relaying videos to third-party servers.
What Issue Does it Solve?
There is a multitude of problems in the current internet video’s infrastructure.
- Rising Costs: Transitioning from broadcast to fast IP based speed has increased the media company’s costs.
- Centralization: Vendors limit flexibility on features and pricing which increases the failure risk.
- Privacy: Consumption and transaction records are transparent to government entities and providers.
- Censorship: Videos are often censored based on their content and undergo strict processes before being displayed in public.
- Regulatory: Traditional media companies tend to regulate the videos that are posted. This can be a problem because they tend to leave out indie videos in their viewings.
VideoCoin plans to solve these issues through its native token “VideoCoin.” The coin will be used to turn all cloud-based services into an effective algorithmic market. This means that there will be a reduction in costs for encoding, distributing, and storing internet videos. The company plans to reduce the costs by 50-80%.
Users participate in Videocoin’s platform in order to receive tokens. Companies also gain an incentive as they can place their unused computing resources for processing, delivering, or hosting videos. The more resources or storage you donate, the higher the reward.
Token Sale Information:
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- Rewards: VideoCoin rewards everyone for participating in their network. It doesn’t matter if you’re mining, distributing videos, or if you’re just tuning in. You’ll receive tokens for your time on the network.
- Avoid Intermediaries: Since VideoCoin is made through blockchain technology, it reduces the need for third parties and charges high fees for their service.
- Privacy: VideoCoin offers increased privacy because of end-to-end, decentralized encryption.
- Video Quality: Will VideoCoin censor videos that are too graphic, offensive, and suggestive?
- Off-Chain Token Usage: How will the tokens be used outside of the platform? Can it be used for other integrated video services?
Mainly, VideoCoin offers a decentralized solution to the video industry. By doing this, they help make an open network where users are rewarded for assisting each other and by donating their computing speed to the network. For movie aficionados, this ICO might be a great choice.