VideoCoin, currently known as Vivid Labs, is a blockchain-based decentralized platform that offers cloud video infrastructure like video encoding, storage, and content delivery network (CDN) services. Cloud video infrastructure refers to the video services provided through the cloud computing model, which is based on delivering different services through the internet. CDN is a collection of networks distributed geographically that provides fast content delivery services. The VideoCoin network also enables brands, retailers, and content creators to mint and sell NFTs.
VideoCoin constitutes the majority percentage of internet data, and it is a catalyst for innovation on the internet. The platform aims to integrate video and decentralized networks to accelerate the next generation of video applications.
The whitepaper of VideoCoin states that the team seeks to establish a class of video miners who can compete with other miners and earn rewards. Such rewards may be earned by providing disk space for video storage, internet bandwidth for content services, and a graphics processing unit (GPU), a specialized processor for enhancing graphics for video encoding.
The team of VideoCoin aims to integrate the VideoCoin network with Public Mint, a blockchain platform that enables users to pay or send money to anyone instantly. This enables the users of the VideoCoin network to pay by credit card, wire, and Automated Clearing house (ACH). (ACH is a network for transactions and payments.)
VideoCoin is updated as Vivid Labs, encrypted with a private key that makes the network more resilient. The official website of Vivid Labs states that the network enables the users to create NFTs from any media format like MP4 videos, 3D objects, MP3, and JPEG. The network is also updateable, which indicates that more media can be updated to the NFTs even after they are sold or minted.
VID is the native ERC-20 token of the VideoCoin network and currently powers the Vivid Labs platform. VID token ensures the functionality, efficiency, and stability of the network. The token is utilized for rewarding the users of the platform.
