So what is transcoding? Every time a video or other media is uploaded to the internet it has to be formatted to be compatible with say a cell phone or tablet. Netflix alone is responsible for billions in transcoding costs.
TRANSCODIUM seeks to use block chain technology to help drive down the cost of transcoding. It achieves this by rewarding people who donate computing power with tokens.
When somebody wants something transcoded they pay with their TRANSCODIUM tokens. From there the file is sent to a special worker, which is responsible for encrypting the file, breaking it up into smaller pieces and distributing it to a set of smaller workers. After transcoding the file pieces are collected back by the master node and reassembled and sent back to the client. The fee charged is split between the master node and workers. 20% master node to 80% split between individual workers.
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