It estimated that by 2022 the global video streaming market will be worth $7.5 Billion. While the consumption of video is growing every single day their are limits on that growth. Chief among these is the high cost of cloud transcoding services.
Since the emergence of cloud technology it has been heavily utilised by the transcoding industry. In particular the major users of video such as Vimeo, YouTube, Amazon Prime and Netflix need transcode terabytes of date every single day.
While transcoding isn’t strictly limited to video and audio, the need for for large scale transcoding has emerged as the internet has shifted towards a video centric model.
Because of the demand for video transcoding the costs have escalated sharply. Could transcoding services are no simply too expensive for many SMEs and startups which are working on more limited budgets than the tech giants.
This is where Transcodium enters the picture.
Transcodium wants to launch the first peer-to-peer decentralised transcoding, editing and distribution platform built on the blockchain. This would provide transcoding services at a much lower price point than is currently available.
In essence users would rent their excess computational power which would be used by workers (miners). In return for this this service the contributors would be rewarded with Transcodium own cryptographic token called TNS token.
What is Transcoding?
Transcoding is the process of converting from one file format to another one. For example when you watch video on Netflix, they first need to convert this video into different formats which will be suitable depending on the device you are visit it one. This is because there is significant difference in the capability of devices such as a desktop computer or a smartphone. If they didn’t provide an appropriate format for the device you are using then the video might play poorly or fail to play at all.
Background to Transcodium
Transcodium was first established in 2015 when it was named meidanap. This was a cloud based transcoding and editing platform. Unfortunately at the time meidanap did not prove viable because of the extremely high cost of the cloud servers. This saw the medianap team look for another way that they could solve the problem of providing cost effective transcoding. In 2016 they realised that blockchain technology provide a potential solution. The envisioned a completely decentralised platform which would be completely automated.
Who is involved in the Transcodium platform
There are three main groups of participants in the Transcodium platform. These are:
Initiators – These are the users who need the files to be transcoded or converted into different file formats.
Workers – These are the users who have excess computational power and will supply this power to the transcoding network
Processors – These are the master nodes and the workers
Transcodium Token Sale
As noted above workers will be rewarded with a cryptographic token called TNS token. TNS token is to be distributed in a public token sale.
In total 120 million TNS tokens are planned to be created. Each TNS token is being priced at 1 TNS is equal to $0.367 USD. The main token sale is set to start on March 2018 and their will be a presale between 7th January and 28th of February.
You can learn more about the Transcodium token sale be visiting:
Transcodium Website: https://transcodium.com
Transcodium Whitepaper: https://transcodium.com/files/whitepaper.pdf
Transcodium Twitter: https://twitter.com/transcodium
Transcodium ANN: https://bitcointalk.org/index.php?topic=2571769