The latest venture of LivePlanet CEO Halsey Minor, the founder of CNET, co-founder of Salesforce, as well as Uphold, Vignette, NBCi, OpenDNS, Google Voice, is a cryptocurrency project called VideoCoin.
VideoCoin to Pay ‘Zombies’
The VideoCoin Network is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin (VID).
VideoCoin is will focus on encoding, storing, and streaming video, while tapping into zombie servers, which are idle or underused computers in data centers. According to some estimates, an estimated 20 million video-capable internet servers go unused every day while sucking up tons of electricity, translating to $30 billion in wasted capital investment.
Minor, who’s no stranger to Bitcoin, plans to pay the owners of these servers with VID tokens. This will enable VideoCoin to create ‘the new cloud’ on a secure, public blockchain, by brining together low-cost computing resources from around the world.
VID tokens are scheduled to be distributed via an ICO slated for March of this year after already raising $25 million in a pre-ICO.
Minor Takes Aim at Amazon
The VideoCoin Network wants to grab a chunk of the market currently filled by Amazon Web Services and other similar cloud-based video processing businesses. VideoCoin is expected to be 60% to 80% cheaper while also letting users create apps on top of the network.
It aims to turn all cloud-based video services into an efficient algorithmic market, running on its own public blockchain with a native protocol token.
While today’s blockchains cannot handle video streaming due to long transaction times and limited computing capacity, VideoCoin’s blockchain promises fast transactions using proof-of-work and proof-of-stake to support a complex infrastructure. The VideoCoin Network allows miners to earn tokens for encoding, storing, and delivering videos, while also embracing existing infrastructure as relay miners connect to third-party servers such as Amazon Web Services…