VideoCoin Adds Cash Payments and Rewards in Bid to Take On AWS

Serial entrepreneur Halsey Minor is aware of about mass adoption. He’s helped create know-how platforms like CNET and Salesforce, to call a pair.

Announced Tuesday, Minor’s VideoCoin platform, which attracts on dormant computing sources to course of streamed video, is including fiat cost rails because the undertaking seems to be to maneuver past the restricted sphere of crypto and blockchain tokens. The community turns into commercially accessible beginning May 27.

A broader attain is important, says Minor, CEO of Live Planet, an immersive video startup that gives know-how to VideoCoin, with the intention to take the combat to the market-leading Amazon Web Services (AWS). (Interestingly, Minor’s first job at Merrill Lynch noticed him group up with co-worker Jeff Bezos on a publishing platform.) 

“Taking serious aim at mass adoption is surprisingly absent from the crypto industry. There are really no services you can use a credit card to perform,” stated Minor. “A company like Fox is never going to go to an exchange and buy volatile tokens. You kind of have to be in the crypto world to use crypto projects – and we are trying to break that barrier down.”

That stated, tokens nonetheless play an important position on the platform. VID token holders stake them to earn a slice of the financial savings gained from decentralizing the work required to course of on-line video. Indeed, VideoCoin’s personal token sale raised $50 million again in May 2019, and a part of this week’s platform launch (dubbed Everest) is making VideoCoin accessible on Bittrex, the Seattle-based crypto alternate.

“Staking is a really good use case for tokens, but using them for payment just puts friction between you and your users,” Minor stated.

VideoCoin’s new fiat functionality comes courtesy of Public Mint and permits the platform to just accept bank cards, ACH and wire transfers, and to ship funds to anybody who has a Public Pay pockets.

Zombie servers

Stepping again, video accounts for 80% of web site visitors and each on-line video goes via numerous levels of processing, equivalent to encoding and transcoding to swimsuit completely different units. It’s a shift that has upended the standard broadcast mannequin, which had principally zero distribution prices. 

It’s additionally the place AWS is dominant and making huge cash from its huge community of knowledge facilities. But farming out the processing and storage necessities to tons of of 1000’s of so-called “zombie servers” that do subsequent to nothing more often than not means VideoCoin will value companies a 3rd of the worth of Amazon, stated Minor.

“As the global video business moves larger volumes of content to internet delivery, the costs of processing and delivering video have become a huge burden for major media companies,” stated John Ward, government vp and CTO of video-streaming supplier iNDEMAND. “The current [COVID-19] crisis has intensified this.”

AWS didn’t reply to requests for remark by publication time.

Halsey Minor
Source: Halsey Minor

Work it

The VideoCoin platform may be accessed by builders trying to construct on its infrastructure and streaming corporations that may reap the benefits of cheaper processing, in addition to {hardware} homeowners who wish to earn cash placing it to make use of (generally known as “workers”). It’s additionally open to stakers who allocate jobs to staff making certain the very best outcomes, for which these token holders can earn 16% of the general remuneration.

“Workers will get cash. They will want to build reputation with stakers so they attract more staking,” stated Live Planet CTO Devadutta Ghat. “Workers get work dependent on their capacity and the amount of staking they’ve attracted.”

Ghat stated any proprietor of {hardware}, from a Raspberry Pi to a knowledge heart, can be a part of the platform and turn into a employee. To illustrate the remuneration staff can count on, he stated operating a Raspberry Pi node or NVIDIA Jetson Nano 24/7 for a month (complete value of a couple of greenback) could possibly be paid for by 15-20 minutes of video streaming.

All the employees and stakers on the platform will probably be seen utilizing a block explorer quickly after the Everest launch, Ghat added. 


Security cameras and video doorbell corporations are one other massive and rising market, and one which Amazon Ring is capitalizing on by doing video processing at value. “Streaming cameras have become one of the largest sources of video on the internet today, and demonstrates how dynamic the market for video processing is,” Minor stated.

Looking again, the explosion of cloud computing, which noticed Minor win huge with platforms like Salesforce, is now being reversed. With the arrival of 5G, issues are shifting again to the sting of the community, he stated. 

“Everyone has done a great job of moving to the cloud,” stated Minor. “But now it’s opening up all these opportunities at the edge with 5G’s low latency and high bandwidth – and with blockchain, which is sort of the ultimate edge-based technology.”

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The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an unbiased working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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