In advance of the Bitfinex/Ethfinex voting, VideoCoin participated in a public AMA. VideoCoin has since won the listing vote to be on these exchanges. Devadutta Ghat, CTO at VideoCoin answered many detailed questions about the project and how the project will change storage and performance for video streaming. Here are some highlights from the Q and A.
Question 1: Deva can you discuss any of your enterprise partnerships? Or how they would look moving forward?
Answer 1: Sure! We are working with 2 types of partners. Streaming partners and Data Center Partners. For streaming, we are working with our advisors to help us get some industry bigwigs signed up. As you can see on our list of advisors, we have the CTO of Fox, Academy Award winners, Emmy Award winners and so on.
For Data Center Partnerships — We are working with several big mining operators and data centers to establish a relationship.
Given the product is still under development, these relations are a work in progress.
Question 2: Devadutta, can you tell us a bit about where the idea for VideoCoin originated and why?
Answer 2: Great question! We actually make an awesome VR Camera and Cloud. It is a fully functioning product that has some ground breaking video technology powering it. The problem was our cloud costs were shooting through the roof when we tried to stream 24/7. In certain cases, the costs went all the way up to $30k per month. This was baffling to us as there is a lot of data center resources that goes to waste every year. Since Video is 80% of the internet, we knew we could not be the only people who had this problem. We decided to put these two together and thus VideoCoin was born!
Question 3: How do you stop materials like child porn and other questionable things ending up on the platform and how do you police it, if you even do?
Answer 3: Another great question. We are exploring multiple methods.
1. Signature checks — Like what YouTube does to find copyrighted content. There are third party companies that provide this service and we plan to run sweeping checks frequently via a Video Smart Contract
2. We are exploring ways to tie proof of stake into the mechanism of streaming and storing videos. That way, misbehaving entities have a lot to lose.
3. Lastly, some recent projects are exploring a very interesting “apply to mine” model. We are looking at those as well.
Question 4: Do you have any way of forcibly removing that kind of content? I’m sure there’s some sick people who wouldn’t care to lose some staked tokens just to get their vid up and accessible
Answer 4 : Yes, this will be done by the verifier pool. Since files are stored off blockchain, if the verifier pool votes that a file or node is misbehaving, that file pointer will be invalidated on the blockchain. It’s like the Unix iNode system on the blockchain. If you find an iNode that is rogue, it will be invalidated by a vote.
Question 5: Have you any MOU’s with any data centers? Or an early adopters program?
Answer 5: We are working on our data center relationships, we will keep you folks updated.
Question 6: Has the team hired a CMO?
Answer 6: We have a super strong marketing team, presently led by our CEO, Halsey Minor. As you can see from our press coverage and presence world wide in conferences and forums, you know we’ve done a fairly good job. 🙂
For those of you who do not know, Halsey Minor is a visionary serial entrepreneur who has previously founded CNET, co-Founded Salesforce.com, Google Voice, OpenDNS, and plethora of other super successful companies totaling up to a $100B in market value.
Question 7: We would like to see VideoCoin attending data center conferences versus crypto conferences as you can imagine. Will this be a part of the ongoing plan?
Answer : Surely! There is a certain level of product that needs to be built which makes these meetings 10x more productive. We are focusing on the product and as soon as we have our MVP, we will be selling it very heavily.
Question 8: Will asic mining be possible or only gpu/fpga/CPU?
Answer 8: VideoCoin mining is unique because we use something called “Video Fixed Function Pipes” that is available on every CPU and GPU. Not many people know about this. So you really do not need an ASIC, your standard CPU or GPU will be a great VideoCoin miner.
Question 9: But an asic would be far more powerful, right?
Answer 9: Not necessarily. The video fixed functions on CPUs and GPUs are pretty awesome these days. They can do 4k encoding/decoding at a fraction of the power a standard CPU would take. The reason people invented ASICs for Bitcoin was to increase the proof of work speed, but in our case, you can achieve the same speed with just Video Fixed Functions.
Question 10: Will there be a “YouTube like” platform that you create to easily view the hosted content?
Answer 10: We want to make it simple for people to launch their own video DApps. Yes, we call it “PowerTube”. It requires the need for the beta net to be up. We will release it alongside. Either way people will be able to use it or rebrand it for their own uses under an MIT license.
Question 11: Do you have use cases established for VideoCoin?
VideoCoin has a 3 pronged strategy to use cases. They are:
1. First application would be to power our Live Planet VR streaming with VideoCoin. The reason is: VR Video Streaming is difficult and if we get that working, all other types of video will work.
2. Planning major movie studios and other influential partners to move a lot of their catalog on to VideoCoin. A great example is to make all previously broadcasted games available for consumption. This is not possible right now because of the staggering costs associated with live streaming.
3. Enabling the next generation of Video Applications through our DApps platform. We will be making several DApps available for free use on our network.