VideoCoin is a decentralized network that provides cloud video infrastructure like video Encoding, Storage and CDN in the form of a peer-to-peer algorithmic market. VideoCoin runs on a new blockchain with a native protocol token where miners earn VideoCoins by providing video infrastructure services and clients spend VideoCoins to rent these services.
|Soft cap||15,000,000 USD|
|Hard cap||50,000,000 USD|
|Token price||1 USD|
|Country||United States of America|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
Creating video bitstreams that match requirements of a client – Typically a video is consumed on different devices and each device has its own codec, colorspace and resolution requirements. Encoding and transcoding makes playback on different devices possible by taking a source video and transcoding it to match device requirements. Modern video infrastructure makes use of codecs like H265, H264, VP9 and VP8 to achieve high degrees of compression.
Storing Video in different formats, bitrates and codecs post encoding – With increased resolution Video files are occupying more storage space than ever before and 4K videos are now the preferred format for consumption for high-end devices. End-consumers view videos in an ever increasing number of devices and encoding for each device just in time is compute intensive. Thus, videos are typically encoded once and stored in a storage
network for later consumption.
A CDN is a geographically distributed network of proxy servers and their data centers . In VideoCoin, distribution miners act as paid proxy servers for storage miners who store data. Decentralized networks by nature are geographically distributed as miners across the globe participate in the network. However, not all miners have access to the same Internet bandwidth which is essential for good quality video streaming. VideoCoin builds an algorithmic market for clients to negotiate contracts directly with distribution miners and storage miners to deliver high quality video to the end-user via a proxy server that is in close geographical proximity.
Videos on the VideoCoin network are stored as fault tolerant, playable chunks. Videos stored in standard container formats, which include audio are first split into video segments based on file size by the client redundancy factor. The main difference between splitting a binary file at arbitrary intervals and chunking a video file, is that in case of video segmenting, each segment is by itself fully playable. This is a very important characteristic of the storage network which is used by distribution miners to provide a playable video even in case parts of the video are missing.
Fault tolerance is achieved by using Reed-Solomon Erasure coding , where Erasure coding algorithms break a file into k blocks, and programmatically create m parity blocks, giving a total of k + m = n blocks. Any k of these n blocks can be used to rebuild the video segment. Fault tolerance parameters can be customized by the client while making a storage request.
Compute miners execute video functions like transcoding. While any node can participate in the network as storage miners, only nodes that have staked tokens greater than barrier to entry, Ψ, are eligible to perform compute mining operations. General purpose compute in VideoCoin network is managed by smart contracts which are executed by all nodes in the network.
Contracts in VideoCoin can be chained with other contracts using Trigger messages, allowing complex video operations, an example is shown in Figure 8. In case of chained contracts, certain contracts cannot execute if the output of the previous contract in the chain is not available. Thus, allow contracts to be tagged dependent and independent. A miner choosing to execute a chain, will execute the entire chain to earn mining rewards. In Figure 8, an input video is transcoded from H264 to H265 while the accompanying audio on track is transcoded from MP3 to AAC and finally multiplexed back into an MP4 file.
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