LOS ANGELES, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Halsey Minor, co-founder of some of the most innovative media and cloud companies of the past decades, including CNET, Salesforce.com, Uphold, Vignette, NBCi, OpenDNS, Google Voice, and Live Planet, today announced his next venture to power the Internet’s largest ecosystem: video. 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). With $25 million in funding committed and powered by a large-scale, distributed cloud video infrastructure, VideoCoin will usher in ‘the new cloud’ on a secure, public blockchain, by marshaling low cost computing resources from around the world to revolutionize video.
More than two billion people per month watch video on the Internet, comprising 80 percent of all Internet traffic. Yet the industry is fraught with concerns ranging from rising costs to centralization and privacy. An estimated 20 million video-capable internet servers go unused every day, translating to over $20 billion in wasted capital investment. The VideoCoin Network ecosystem will lower costs up to 80 percent by deploying unused computing resources and enable a new generation of video applications via open APIs and open source-based development. It will also disintermediate the actions of telecom oligarchs by using peer-to-peer video distribution while increasing privacy with decentralized, end-to-end encryption.
“VideoCoin borrows much from what the blockchain has already proven, namely that people will connect computers to a network to get paid to do work, and as demand scales so too does supply. VideoCoin creates a new class of miners who do real work, not just accounting,” said Minor, CEO of Live Planet, a strategic technology partner and an investor in the VideoCoin Network. “Blockchain is the breakthrough innovation that lets us create a better infrastructure for the future of online video.”
VideoCoin aims to turn all cloud-based video services into an efficient algorithmic market, running on a new blockchain with a native protocol token. The idea for VideoCoin was developed while Minor’s team was creating Live Planet, the only end-to-end system for easy capture and distribution of live and recorded stereoscopic VR and 360° video. Live Planet is to be the first platform to utilize VideoCoin’s blockchain-enabled video infrastructure.
While today’s blockchains cannot handle video streaming due to long transaction times and limited computing capacity, VideoCoin’s blockchain is specifically built to enable 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 (AWS).
All-Star Team Joins VideoCoin
Joining Minor in implementing the VideoCoin Network are a who’s who of Silicon Valley and Hollywood technology platforms, including Devadutta Ghat, chief architect of the Intel Video Transcode Service that formed the basis of Facebook’s video platform; Seth Shapiro, two-time Emmy Award winner and Governor of Interactive Media at the Television Academy; and Seth Skolnik, longtime SVP of digital video initiatives at Paramount Pictures and Technicolor.
Advisors to the project include Hanno Basse, CTO of 20th Century Fox Film Corp., Ted Schilowitz, Futurist in Residence at Paramount Pictures, and John Ward, SVP of Content Operations, DirecTV.
VideoCoin tokens will be available to the public through a token sale in early 2018. Pre-registration is available now at www.VideoCoin.io.
ABOUT VIDEOCOIN
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), developed by the VideoCoin Development Association Ltd. (Cayman Islands). Powered by a large-scale, distributed cloud video infrastructure, the VideoCoin Network will usher in “the new cloud” by marshaling computing resources from around the world to revolutionize video with blockchain technology. The VideoCoin Network ecosystem will lower costs by deploying unused compute resources, enable a new generation of applications via open APIs and open source-based development, disintermediate media behemoths with peer-to-peer video distribution, and increase privacy with decentralized, end-to-end encryption.
For more information on VideoCoin, visit https://videocoin.io/ or join our Telegram group here.
ABOUT LIVE PLANET
Live Planet, Inc. produces the only end-to-end capture, distribution, and monetization system for immersive video. The LIVE PLANET System makes it easy, practical, and affordable to create and deliver stereoscopic VR and 360° video, whether live or recorded, allowing creators to focus on their productions and applications. Live Planet, Inc. is based in Los Angeles and San Jose, CA.
For more information on Live Planet, Inc., please visit www.LivePlanet.net or contact info@liveplanet.net.
MEDIA CONTACT: Transform Group, videocoin@transform.pr
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. VideoCoin tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.
This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in either Singapore or the United States, and Singaporean and United States residents are expressly excluded from contributing in exchange for any VideoCoin tokens in the public contribution period, unless otherwise expressly noted. This release constitutes a description of the VideoCoin Network and the functionality of VideoCoin tokens; it is for informational purposes only and may change as the technology develops over time.