How VideoCoin Will Help Vlogging
by VideoCoin | September 20, 2018
Chances are, you watched some sort of video today. And if you did, you have contributed to a growing problem. As video demand and usage continues to grow, so do the intense compute requirements it demands. So, as you continue watching your favorite videos today, just remember that you are contributing to the delinquency of a…well, not a minor, but a major compute player – video.
Video is used for virtually everything in private and business sectors. The enterprise creates training videos, advertising videos, and processes and stores surveillance videos. Private users create birthday videos, wedding videos, ballgame videos, and silly Facebook videos about everything and about nothing, or binge watch hours of streaming content daily.
The numbers are astounding:
What kind of quagmire is this insatiable appetite for video creating? Current compute capacity will soon be overwhelmed, especially as demands for VR and AR video become mainstream.
IDC estimates that the world total amount of data will hit 163 zettabytes by 2025. This is a tenfold increase over 2017 levels. They also predict that the enterprise will pass consumers as the primary creators of data. And, as data levels increase, so does the need for data centers.
More and more, content creators are storing video on a cloud computing service. Digital giant Cisco predicts that cloud-based data centers will contain 53 percent of all data center servers. A sizeable percentage of that will contain video.
Decades ago, new innovations in computing brought more speed and less energy consumption. But the advances that have brought us the current level of computing technology have not included faster processing or a savings in power consumption. We are still using the same and going as fast as we did in 2004.
With the increase in video and the need for more and faster video processing, especially for on-demand or real time viewing, the time is ripe for breakthrough innovations in speed and energy savings. The pressure of demand always seems to feed the need of innovation and experimentation.
In the United States, we consume over 90 billion kilowatt-hours of electricity each year to power our data centers. That would require the total output from approximately 34 500 megawatt coal-powered generating plants. Global data centers consume almost 40 percent more electricity than the entire United Kingdom (about 416 terawatts). And this level of consumption is fully expected to double every four years.
Double those numbers five times in only two decades and we are facing real problems with how to power the storage houses for our data. And remember, a growing proportion of that data is video.
More and more, companies are choosing to phase out their own data centers in favor of cloud platforms. Today’s cloud services provide the space, compute power, and ease of use for a reasonable price. But, as the cloud companies are faced with the problems outlined above, how long will their services remain affordable, especially for small businesses?
As pointed out above, there is room and the market is ready for new, innovative technological advances that will create new solutions for storage, compute capacity, and energy savings. We don’t know what may lie just over the horizon that could provide at least a partial solution to these problems.
One such innovative solution is the VideoCoin Network. VideoCoin is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin (VID).
This peer-to-peer network will leverage the unused storage and compute resources of the existing cloud to provide more flexibility, better security, decentralization of control, and much lower costs. In many cases, deploying unused compute resources will lower costs 50-80 percent.
With this peer-to-peer controlled platform, leveraging the power and security of the blockchain, there is increased freedom to encourage innovation. The type of innovation that would continue to bring new solutions to solve the intense compute requirements of video.
Want to learn more about how VideoCoin will revolutionize cloud-based video or see what companies are already jumping on board? Drop us a line with your questions.