Introducing VideoCoin: Decentralized Video Encoding, Storage and Distribution — Powered by the Blockchain
Video has historically been a driving force for technological innovation and it comes as no surprise that it dominates Internet traffic, constituting nearly 80% of all data transmitted on the Internet. The Internet is currently going through a fundamental revolution in which centralized, monolithic and black boxed services are being replaced by trusted, unstoppable de-centralized apps running on decentralized computer infrastructure provided by millions of end-consumers on the Internet.
Bitcoin brought the decentralized revolution to money. Ethereum brought it to small scale general purpose compute and at VideoCoin, we want to bring the decentralized compute revolution to Video.
VideoCoin is a decentralized network that provides cloud video infrastructure like video Encoding, Storage and CDN in the form of a peer-to-peer algorithmic market. VideoCoin runs on a new blockchain with a native protocol token where miners earn VideoCoins by providing video infrastructure services and clients spend VideoCoins to rent these services.
VideoCoin aims to create a trusted P2P network where consumers of network resources spend VideoCoins to perform video encoding, storage and distribution tasks while producers of resources on the network earn VideoCoins by renting out surplus resources available on their computers or data centers.
VideoCoin creates 4 new classes of miners. Storage, Distribution, Compute and Relay miners.
In upcoming blog posts, I will be writing in detail about each of these functions which will help understand how VideoCoin works.
We are very excited about this project and invite you to check out our whitepaper and let me know your thoughts!
Join our Telegram discussion group: https://t.me/videocoin
