Video content now accounts for 80 percent of internet traffic and that’s compounding every year — says CNET, Salesforce.com and Google Voice founder Halsey Minor. It’s also resource-taxing and expensive, meaning powerful entities like Amazon and Google are in a position to dominate and control the space. Only a decentralized, blockchain-based infrastructure can challenge them — and that’s exactly what he intends to do with his new project, VideoCoin.
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Internet’s All About Video Now, Says Online Content Veteran
Minor himself is a cryptocurrency and blockchain industry veteran. After years of planning he launched Coinbase competitor Bitreserve in 2014. That company rebranded as Uphold in 2015 because, in Minor’s words “no bank would work with any company that had ‘Bit’ in its name.”
Crypto companies face hurdles like this at every stage — you don’t disrupt the status quo without the status quo’s large beneficiaries pushing back.
Watch the whole interview to find out all about what VideoCoin intends to do for the internet’s 2+ billion video watchers every month, and how.
How VideoCoin Plans to Take on the Big Platforms
VideoCoin is a distributed video storage and content delivery infrastructure, designed to be “a dead-on competitor to (Amazon’s) AWS”.
That said, it’s also designed to integrate with those existing platforms if users choose.
VideoCoin promises a “new class of miners” who do actual work, not just accounting — they’ll also use their computing resources to encode, store and distribute the video content. VideoCoin is the platform’s native currency as well as the name of the network, and participants will earn and spend VideoCoins depending on how they use, or how they contribute to, the platform.
As well as his own decades of experience building successful internet content businesses, Minor has also assembled a team of heavy hitters from the internet video and media industry. They include CTO Devadutta Ghat, founder and chief architect of the Intel Video Transcode Service, and head of strategy Seth Shapiro, who launched over 25 services for DIRECTV including TiVo.
VideoCoin is planning an ICO but, such is the level of interest Minor’s project has raised in Silicon Valley, it may not open to the general public. That’s also partly due to regulatory issues concerning ICO launches in the U.S., though Minor says VideoCoin would prefer to have a public sale — on general principle.
They’ll be announcing both the major investors and crowdsale (if it happens) details in the coming weeks.
Does VideoCoin sound like a good idea? What challenges will Minor and his team face? Let us know in the comments.
Images via VideoCoin, Jon Southurst