GRAND CAYMAN, Cayman Islands, Aug. 27, 2019 (GLOBE NEWSWIRE) — After 18 months of research and development, the VideoCoin project has debuted its blockchain-powered video infrastructure platform – the VideoCoin Network – for distributing, encoding, and storing video content, transforming the exploding business of video processing and delivery. For the first time, users can now live stream video content on the VideoCoin Network enabled by the VID Token, which is now available on the KuCoin and Beaxy cryptocurrency exchanges. Content providers can start streaming today at https://videocoin.network.
“We built the VideoCoin Network from the ground up as a next generation solution to allow anyone to stream video using our blockchain-powered video infrastructure platform,” said Devadutta Ghat, CTO at Live Planet – strategic services and technology provider to the VideoCoin project – and Principal Architect at VideoCoin Network. “I’m thrilled to officially unveil the VideoCoin Network today, marking a major milestone on our journey to revolutionizing the multi-billion dollar video streaming market.”
This release consists of several important components including:
The VideoCoin Network is the first blockchain project to integrate a third party fiat payment processor, underpinned by a consortium of banks. The model is optimized to enhance the utility of the VID as a reputational staking token that powers the network and ensures the most qualified network operators are serving customer needs. In order to put VideoCoin contributors in an advantageous position and ensure tokenomics optimize the mechanism and the reward for stakers, the team burnt 66 percent of its total token supply. The unprecedented move allows VideoCoin to focus on the staking component of the network, where miners are paid in fiat for performing work and the balance of the functions will be driven by the remaining tokens.
This news comes on the heels of the debut of the Blockchain Virtual Reality (VR) Network (BVRN), the first VR network built specifically for the blockchain industry. The Network will feature in-depth and engaging VR programming from top blockchain industry influencers including Bad Crypto Podcast, Crypto Trader, Boxmining, BLOCKTV and CoinCentral.com boasting a combined global audience of half a million blockchain enthusiasts, all shot with the Live Planet VR System. This first customer use case of the VideoCoin Network is harnessing the power of blockchain to make 4K stereoscopic 3D video cloud processing more efficient, less expensive, and more secure.
“We are thrilled for the launch of the VideoCoin Network, but more importantly, we’re excited for the future,” said Halsey Minor, CEO of Live Planet. “Video is fundamental to the human experience. It’s the way we connect, the way we learn, the way we express, the way we grow. As such we believe this experience should be in the hands of everyone, and not in the control of a few. Decentralization of video infrastructure through the VideoCoin Network is how this will happen.”
Developers interested in incorporating live or on-demand video into their projects can visit https://studio.videocoin.network.
About the VideoCoin Network:
The VideoCoin Network is a decentralized video infrastructure platform redefining the process for creating, storing, and distributing digital video content. Developed by the VideoCoin Development Association Ltd. to run on a new blockchain with a native protocol token, the VideoCoin (VID). Powered by a large-scale, distributed video infrastructure, the VideoCoin Network will usher in “the new cloud,” by marshaling underutilized computing resources from around the world to revolutionize video services with blockchain technology. The VideoCoin Network ecosystem will lower costs by deploying unused compute resources and peer-to-peer video distribution, enabling a new generation of applications via open APIs and open source-based development, with increased privacy using decentralized, end-to-end encryption. For more information, visit https://videocoin.io or our blog, follow us on Twitter and join our Discord group here.
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 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.