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. Transcodium started as medianap in 2015 with a visual cloud transcoding and media editing platform, but went out of business due to the high cost of cloud servers, we could not compete with the existing platforms and had to switch to another business. In 2016, our team decided to look into the project again but this time using the blockchain and decentralization technology. Unlike the previous platform, Transcodium’s network will be fully automated without human intervention.
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 or Netflix 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.
Workers are idle devices on the network waiting to process a transcoding request. Initiators are customers or users who needs their files to be transcoded or converted into another format.
Processors, this is a collective term denoting master nodes and workers. The global video streaming software market size is expected to grow from USD 3.25 Billion in 2017 to USD 7.50 Billion by 20221
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.
Transcodium white paper<
