Website: VideoCoin
Token: VID
Hard Cap: 50,000,000 USD
Payment Methods: Unknown
Total Cap Size: 780 million tokens
Technology: Open source distribution platform
Important Dates: Apr-May 2018
Pre-ICO: $35 million
Public Sale: N/A, Private Sale Only
Whitepaper: https://storage.googleapis.com/videocoin-preico/VideoCoin-Whitepaper.pdf
The team behind VideoCoin are working on a decentralized video storage, encoding, and content distribution network (CDN) running on the blockchain. It is predicted that 79% of all global internet traffic will be internet video by 2020.
By that same time, there will be over three trillion minutes of video uploaded every month.
Because of this growth, centralized video distribution platforms are having a hard time keeping up. Networks are slowing down, and scalability is becoming an issue.
VideoCoin wants to replace these platforms with a decentralized one with open APIs and a community centric open-source development plan.
The VideoCoin Network is a decentralized video platform, powered by the VideoCoin token (VID) from the VideoCoin Development Association Ltd. and its strategic, advisory, and implementation partner, next generation video company Live Planet. By using the blockchain in combination with unused distributed computing resources, the VideoCoin Network brings significant innovation and cost reductions to processing, storing and distributing video content on and across the Internet.
VideoCoin is the first PoW network to reward miners in fiat as opposed to tokens. Clients using the VideoCoin Network pay for services in fiat which is then distributed to miners and stakers in fiat based off their contribution to processed work on the network. In this sense, VideoCoin stakes a claim to be the first Fiat-Based blockchain business.
VIDEOCOIN Team Overview
VideoCoin is headed by Halsey Minor. Halsey calls himself an internet entrepreneur who has founded and invested in early projects like CNET, Google Voice, Salesforce and Live Planet. He's also got quite a crazy story about building a failed project with Jeff Bezos. None the less still an incredible story of transition to creating CNET.
You've also got Devadutta Ghat who founded Intel’s Video Transcoding Service (which is the foundation for Facebook’s video platform.) Finally, the team has the Director of the Television Academy and two-time Emmy Award recipient Seth Shapiro.
How Does The Token Work
The token will work in two cases: as a form of payment and as a reward for different forms of mining. For payment, clients will spend their VID to rent video foundation services or to develop new sharing platforms.
On the other hand, the consumer consists of either a content creator or a customer. Creators will earn tokens by creating, while customers will use tokens to pay for their subscriptions.
There are four different types of miners on the VideoCoin network: storage, distribution, compute, and relay miners. Storage miners earn tokens by pledging storage to the network. The more they pledge, the more they are rewarded.
Distribution miners earn by sending videos to viewers. The more videos they deliver, the more bandwidth the network supports, and these users are rewarded.
Computer miners provide transcoding to the network, and relay miners are rewarded by providing third-party storage to VideoCoin.
The VideoCoin Network’s protocol utility token VID will be listed on the KuCoin Exchange beginning August 27, 2019, at 17:00 (UTC+8). The VID token will be utilized on the VideoCoin Network for the initial offering of services, beginning with live streaming capabilities. Supported trading pairs include VID/BTC and VID/USDT.
Please take note of the following schedule:
Deposit: 17:00 on August 27, 2019 (UTC+8)
Trading: 18:00 on August 27, 2019 (UTC+8)
Withdrawal: 20:00 on August 29, 2019 (UTC+8)