VideoCoin is developing a decentralised video encoding, storage, and content distribution network (CDN), powered by the blockchain.
Forecasts predict that internet video will account for 79% of global internet traffic by 2020 – up from 63% in 2015. It is estimated that the world will reach three trillion internet video minutes per month by 2020, with HD and Ultra HD video making up 82% of internet video traffic by then. As the market has grown, current centralised solutions have struggled to perform and scale at the same rate.
Current high-end cloud CPU instances provide 1-2 FPS of video processing power but, in order to match current growth, up to 30 FPS will be needed to support 4k VR video in the near future. Though GPU advancements have provided some relief to this problem, the cost and limited encoder configuration has restricted adoption. These costs are then passed on to clients, which create “market oligarchs” and high-priced intermediaries.
VideoCoin aims to develop a decentralized video encoding, storage and CDN, enabling the creation of a new generation of video infrastructure application via open APIs and open source based development. By splitting a video encoding task into several sub tasks and processing them in parallel, VideoCoin’s Distributed Video Processing platform can produce much higher frame rates on nonspecialised hardware. Not only utilizing data center servers but household desktop computers or even mobile phones. This reduces costs by 50% to 80% by deploying unused computing resources which is estimated to be up to 30% which remain in “comatose” (not delivered information or computing services in six months or more).
VideoCoin’s Distributed Video Storage and Content Distribution Network work in unison, enabling large video files to be stored throughout a distributed network supported by miners and accessed efficiently via a bespoke algorithm. As these are powered by VideoCoin’s own block chain, end-to-end encryption is ensured, promoting privacy and blocking “market oligarchs” from forming.
Network Application/Payment
Network Mining/Support
As video quality has increased, so has the file size; virtual reality and augmented reality traffic alone will increase 20-fold between 2016 and 2021. Almost every big broadcaster and news outlet are looking to produce immersive experiences, like concerts and sports events. From 2k, 4k and soon 8k, every resolution increase squares in data amount. Meaning, the 4K correlation of a 10Gb file in 2K is 100Gb and moving that much data efficiently is where current solutions have started to struggle.
VideoCoin’s full stack video infrastructure protocol layer takes advantage of the blockchain to implement efficient encoding, storage and content distribution to provide video application clients with faster and cheaper services than its centralised cloud counterpart. There are several other similar competitors in the blockchain data storage space eg Storj and Filecoin, both who are within the top 100 cryptocurrency market cap. It is clear that investors have a favourable view on the space as a whole. This, combined with the backing from the biggest cryptocurrency funds in the space, places VideoCoin as a promising opportunity.
We’ll be placing a medium bet short term and very bullish for longterm
