Transcodium
Transcribing is the process of converting one file to a different format with the most popular being converting videos to written posts. Popular video sites such as YouTube also need to convert their videos into different formats so that they'll play on different devices such as laptops, smart phones and desktops.
With cloud technology becoming popular the transcribing market has grown quickly and companies such as Netflix and Amazon Prime need to spend huge amounts of money transcribing all their videos. The market is expected to keep growing and it is expected to grow by 18% by next year
Transcodium is a decentralized transcribing, editing and distribution platform which users will be able to rent computing power to the platform, and to be rewarded with TNS tokens. The company was initially launched in 2015 with cloud servers, however due to the high cost of these servers they couldn't compete with the bigger providers and unfortunately went out of business.
With the rise of blockchain technology they’ve been able to cut their costs and became a decentralized platform.
The Trancodium team has sighted problems at the market which are:
Cloud services are too expensive. Business will allot budgets for their advertisements and files on cloud services which will hurt their income.
Slow processing times: Cloud platforms have a limit on hardware which means their files are queued, which will waste all precious time waiting.
Centralization: Because the current platforms are all centralized, if the severs go offline it can mean that time, money and resources are wasted.
Most platforms only transcribe media format which leaves few solutions for other file types.
Transcodium Team will solve these problems by:
Using the blockchain and decentralized storage will be cheaper, faster and more reliable alternative to cloud trancoding.
There should be a huge amount of processing power due to the workers which means that files can be transcribed faster with shorter wait times.
Each task will be processed by multiple workers meaning that if a node goes offline it won't be an issue and it will be time saving.
The platform will have options for all different types of transcribing and won't be limited to just media files but on images and documents.
How will it work?
The whole process will be automatic without the need for a worker to talk to customers. As soon as a node receives a request it will analyze the file, split chunks into smaller pieces and give the tasks to workers.
The pricing on the platform will be kept fair by an algorithm. Customers will then be able to choose between a certain price ranges that they wish to pay depending on their project and workers on the platform will then be rewarded with tokens once the task is complete.
Integrity will be a major factor in this project because human interaction is not required for the completion of a transaction. All transaction will be done by the masternode.
Transcodium will earn and grow by the customers who will pay for the services who will store on its platform. The workers will be rewarded 80% and 20% to the masternodes of the total TNS token.
On my personal opinion, I will surely invest in this project because not only it will earn but also I as a worker just by providing my idle PC. With it’s great time led by Jeetendra Kumar, this will be a success.
Website: https://transcodium.com/?lang=en
Bitcointalk: https://bitcointalk.org/index.php.topic=2604811.0
Whitepaper: https://transcodium.com/files/whitepaper.pdf
