Hackernoon logoCan blockchain technology and Transcodium revolutionize the transcoding market? by@bjornvhauge

Can blockchain technology and Transcodium revolutionize the transcoding market?

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@bjornvhaugeBjorn V. Hauge

Here is a question for you, how much time you spend watching videos? Recall everything, Netflix, Youtube, Facebook, Instagram.. A LOT, right?

Have you ever thought how these companies are able to deliver you a smooth streaming experience on every device you have? Well, It’s because of they detect the device and internet speed and delivers you the right file.

Transcoding is the process of converting from one file format to another desirable and compatible format. Before your favourite social media platform or streaming site such as YouTube, Netflix, Facebook, Instagram and Twitter makes a video available to you, they need to convert this video into multiple formats in order to support different devices such as smartphones, laptop and desktop computers, TVs and more, since each of them have different capabilities. Some videos might even fail to play over a slow internet connection, these type of videos will also need to be converted into a lighter format for a smooth streaming.

The process to convert files into different file format or frame sizes are called transcoding. Complex media encoding, decoding, and transcoding is resource intensive which needs multiples of servers to process on a large scale which is very expensive at the moment. This is the main reason for fewer competitors to free public streaming sites like YouTube.

According to worldstream.com The global video streaming software market size is expected to grow from USD 3.25 Billion in 2017 to USD 7.50 Billion by 2022

Transcodium Logo

There is a company called Transcodium, claims to offer the cheapest and faster transcoding service in the market, the company states that “Cloud-based transcoding needs huge servers which are costly and have long queue time, Transcodium will offer a platform to process the files in a decentralized way, this means there will be no need of centralized cloud-server which will cut down the cost of the process drastically.”

Transcodium aims to provide the first peer-to-peer blockchain based and decentralized media transcoding, editing and distribution platform with high quality and reliable computational power at a very affordable price. This will create a global market for users, willing to rent their idle machines to be used as workers (miners). Further, at the end of the transcoding process, the worker (processor) will be rewarded with the TNS token

This is how Transcodium will work, Master nodes will receive requests to transcode files which will then take the file and divide it into small pieces. These small pieces will then be sent out to small workers which will then process the files, the pieces will be so small that even slow internet or mobile phones will be able to process them. Once the processing is done, the files will be sent back to the master node where it will join the small pieces and deliver it to the client.

The image above explains the operation of a master node and workers on the Transcodium network.

The workers are nothing but miners who are willing to rent their devices, they will get TNS tokens for the processing power they will share. Mining in Transcodium is different as compared to other networks, here the miners don’t need to guess randomly, they will get a file and they just have to process them so there will be nothing like difficulties or hash rates.

The company has already started developing their products and have partnerships with companies like NVB ( Native Video Box ) to provide transcoding. The competition is tough here as there are giants like Amazon has already captured the market if Transcodium is able to deliver what they stated, it might help startup or small business depended on media files to flourish.

Another interesting thing to mention about Transcodium is that British-American computer programmer and businessman John McAfee joined the team of advisers already back in January 2018. According to McAfee Transcodium is a way for smaller businesses to be able to compete in a Giants markets. “Transcodium, a solution to the cost of creating streaming networks, is the first ICO opportunity investors to participate in this arena”

Meanwhile, the company has also introduced a token called TNS which will be used as a means of payment, the token sale for TNS will end on 30th April. The token sale went good for Transcodium and have made the product viable.

The combo of being a tokenized company and using a decentralized technology makes Transcodium unique as well as a challenge for the team, this has all the property to keep a eye on.

Links:

https://icobench.com/ico/transcodium

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