Transcodium ICO - transcoding and editing platform. TRANSCODIUM
Hello every one!
Let’s take a look at the Transcodium platform https://transcodium.com
What exactly is Transcodium?
Transcodium is a decentralized media file transcoding and editing platform. The token use case allows those with idle devices to rent out computing power (in exchange for tokens) and those who have need to rent that power will pay in tokens. The workers (rented out idle computing power) would receive small chunks of a file, which is broken down by Transcodium algorithms, and convert the file into other more compatible formats. Idle workers with more computing power and better internet connections would gain a master node status for doing more work. Before work would commence an estimate cost will be provided to potential customers. I like the idea of estimates so that customers wont be surprised by the cost.
The teams existing business is a double edged sword as far as potential goes. There is always the chance for failure in any ICO or TGE. I hope Transcodium has learned from past failures, and although their white paper makes the case that they have solved their problems at this point its just theory. Personally I like the idea of being able to use the platform to generate some extra income by using the computing power of my old devices, so I want to see the project become successful.
Recently, the world has seen a remarkable improvement in the media industry, i.e. from video advertising to media streaming, however, due to the high cost of cloud transcoding services, it has been very challenging for startups and companies on a low budget who needs these services.
Since the emergence of cloud technology, the transcoding industry has grown at a very large scale. We are well known to companies like Netflix, Amazon Prime, Vimeo, Youtube, and e.t.c, who transcodes terabytes of data on daily basis, investing a large amount of their revenue on media file conversion. The current report also predicts that, by the year 2019, the transcoding market will grow by 15 percent CAGR globally, which reflects a huge scope to flourish.
The concept of transcoding has always been limited to the conversion of video and audio files, however, it has the larger extent to take any type of file like PDF, HTML, Word Document and converts it into any possible preferred format
Transcodium will tackle all the 3P’s ( Privacy, Pricing, and Processing Power) in an instance, there will be no limit on how much processing power Transcodium will be able to generate from its network.Transcodium network will be available to its target customers in a more cheaper price than the current market price.
Transcodium’s unique algorithm will enable the conversion of media files in a supersonic speed by splitting large media files into very tiny chunks and thereafter will be encrypted, compressed and sent to workers (idle devices) to process. Due to the lightweight of each chunk, these tasks will be transferred and processed at a very fast speed, even smartphones will be capable of processing them. Tokens will be rewarded to any worker who completes its task before the allocated timeout.
Cloud transcoding platforms are too expensive and are scaring away startups, who require their services. Existing companies have to spend more than half of their income just for processing these media files, which is not encouraging.
Long processing time due to limited hardware. Cloud transcoding platforms has a hard limit on hardware, therefore, all the files to be processed are queued, until their time is due for processing, which causes frustrations on the customer’s side waiting for processing.
Due to the centralized nature of the platform, a server outage or downtime can cause failure of the whole transcoding process wasting time, money and resources.
Most transcoding platforms are limited to only media file formats,making it very difficult to convert other formats such as images and documents formats.
The blockchain and decentralized technology model enables the provision of a cheaper and reliable alternative to cloud transcoding.
Due to the unlimited processing power, all thanks to the workers,files will be transcoded in a very fast speed, eliminating long queues and waiting time.
A single transcoding request will be processed by multiple nodes and workers, so the outage of one node or worker will have no effect on the process, making it more efficient and time-saving.
Transcoding will not be limited to audio and videos only, but also other file formats such as images and documents.
Transcodium network will enables customers to avail unlimited processing power in a very cheap compensation for the task. Customers will be able to select a price from the range of prices provided by the TNS regulation, the higher the price the faster the file conversion and vice versa.
The customer can select where to export the file after processing,destinations such as facebook, youtube, twitter, SFTP, Amazon AWS,Google Drive and etc will be supported. Multiple destinations are supported. The first destination is always free, other subsequent destinations will attract a fee which will be rewarded to the master node processing it.
Before processing of any file commence, the application will compute the total cost for the initiator to approve, once approved, the initiator’s wallet will be debited. The debited amount will be refunded if processing fails. Customers will need the TNS token in order to pay for any transaction on the network.
In the Transcodium road map is the wallet plan. The wallet is said to include a feature which would connect to exchanges, making token conversion easy for workers. I thought this was a nice add on. The Transcodium token (TNS) is an ERC20 standard token.