VideoCoin, a Los Angeles, CA-based decentralized video encoding, storage, and content distribution system, raised $5m in initial funding.
The round was led by Alphabit Fund, Galaxy Investment Partners, Distributed Network Advisors (DNA), and Sovereign.
Founded by tech entrepreneur Halsey Minor, CEO of Live Planet, the VideoCoin Network 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).
The VideoCoin Network captures unused computing capacity in existing third-party data centers while providing tokenized rewards for users that participate in decentralizing video content processing through the network.
The system’s public blockchain is custom-built for speed and efficient processing of large media files.