Transcodium: a decentralized peer-to-peer media editing and transcoding platform
According to the experts, there are two types of ICO most likely to succeed: those who have novelty and those who have practical value. Transcodium is a vivid example of the latter. It is a peer-to-peer network for converting and sharing multimedia files. The creators position Transcodium as a fully autonomous application competing with large-scale cloud services. The platform will enable users to rent out their computing power for decentralized file processing in exchange for tokens.
Founded in 2015 as Medianap, Transcodium started as a cloud computing platform, however, they were not able to compete with existing services due to high cost of cloud servers. They decided to resume their business in 2016, now building it on the principles of blockchain and decentralization. Compared to the previous platform, the new iteration of Transcodium will be fully autonomous.
Online streaming is becoming more and more widespread. Transcoding market is one of the fastest-growing segments of IT industry that has attracted attention from the likes of Google and Amazon. The video transcoding market cap is expected to grow from $3,25 billion in 2017 to $7,5 billion in 2022.
Despite its benefits, cloud transcoding has a number of current issues that have to be overcome for it to become viable:
-Time-consuming due to limited resources;
-Very expensive and unaffordable for small-budget companies
-The entire transcoding process can be aborted due to server downtime and power interruptions
The Transcodium platform uses a proprietary algorithm that splits larger blocks into smaller ones, encrypts them, compresses and sends compressed files to standby or idle devices for processing. In this manner, the rates of conversion are very high due to the small size of each block that could be processed even by smartphones. The owner of the device that manages to solve a cryptographic problem on time will receive tokens, thus becoming, in essence, a token miner.
The Transcodium ecosystem includes:
– Mobile wallet + miner
– End-to-End encryption
– Built-in exchange
– Ultrafast coding
The platform already offers a viable transcoding product which will be integrated with blockchain and decentralized to provide transcoding services at reduced costs.
Ethereum ERC-20 compatible TNS tokens will be used by the platform in all its internal operations. Workstations (miners) will be rewarded with TNS tokens after successful conversions. All conversion operations will be requested and paid for in TNS tokens. Token owners will also be able to sell them to users who need tokens as payment for conversions.
The first cloud platform for transcoding was launched in 2015. 2016 saw the switch to blockchain and decentralization. In June 2018, following the token sale, the team will develop a wallet + miner for most platforms (Android, Windows and Linux). Master node for the platform will be developed in December 2018. Beta-testing of the platform is scheduled for July 2019. Release of the full-fledged platform is expected in November 2019.
The CEO and co-founder Jeetendra Kumar is a cryptocurrency investor and enthusiast who helped launch a number of startups including Medianap. The CTO and co-founder Razak Zakari is an experienced programmer who worked on many projects such as Geetmp3, Medianap and Playslack. Abhishek Tiwari is the blockchain expert on the team with 9 years of experience as backend, frontend and blockchain developer. He was involved in the creation of a blockchain dApp for a global rewards network. The advisory board includes John McAfee, Douglas Y. Park of Western Gate Capital Partners and Seadon Francis Pinto of Microsoft Accelerator Team.
Traffic to this ICO comes from the United States, the United Kingdom, Slovakia, the Netherlands and Germany. Social networks generate the largest share of the traffic, with Twitter, YouTube and Facebook being the top 3 providers of social traffic. Referrals deliver over 29% of all traffic, while the share of direct traffic is nearly 24%. Ethereum ads generate 0,06% of ethereum traffic.
The startup has already sold 100% of tokens allocated for the pre-ICO stage and is now in ICO Stage 2. Among other attention, it was supported by John McAfee who named it Personal Investment of the Week in mid-January and in early February joined their Advisory Board. If you want to get on board, head straight for their website.
For crypto exchange, please address our partner BestRate that provides always good rates!
To be always updated on latest ICO news follow our Blog!