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 capabilitiesTranscodium 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.
With the current cloud transcoding platforms, the following problems and limitations were identified:
● 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.
Here are the proposed solutions to the problems above:
● 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 ( TNS ) TOKEN
TNS token is an ERC-20 compliant Ethereum based token which is designed to work on Transcodium network. The token will be a mean of payment within the network. The total supply of the TNS token is 120 million and has a maximum of 18 decimal places. This is a fixed supply and will not decrease or increase, the decision of the total supply was made by the Transcodium team and founders.During TNS token sale, purchasers will be provided with the TNS token within two weeks after the end of Token sale; provided, that this term maybe extended due to unforeseen circumstances. Payment method will be in Bitcoin, Ethereum, or Litecoin or other currency (cryptocurrency) as may be additionally introduced by the Transcodium.