Bitcoin, Cryptocurrency And Blockchain News

VideoCoin Raises $50 Million in Private ICO


VideoCoin, a decentralized video platform, attracted private investors such that it completed a $50 million ICO without announcing a public sale. In the light of this success, the platform is skipping the usual ICO route and is instead planning on conducting an airdrop on its Telegram channel closer to the end of May.

Halsey Minor, the CEO of Live Planet and founder of tech website CNET, told CoinDesk , “It’s all cost and no revenue. What we’re building is the next-generation infrastructure for how you do video processing and distributed services.” VideoCoin is advised by other top-ranking personalities including Devadutta Ghat, Intel® Video Transcode Service’s founder and chief architect, Seth Shapiro, Emmy-award winner, and Lauren Selig, film producer and managing director at the IMAX VR fund, among others.

Minor added, “I believe the blockchain could unleash a highly competitive market on computing in the same way I believed Salesforce could change enterprise software.” Some of the private investors in the project include Binary Financial, Science Blockchain, Galaxy Investment Partners and AlphaCoin Fund.

According to the roadmap, VideoCoin tokens will be distributed in July 2018 and they will be accepted on Live Planet at the same time. The alpha network will be released in January 2019, followed by the beta network in July 2019. A total of 882 million tokens are available, with 70% of them being allocated for miners.

Talking about video mining, Minor said, “You don’t need specialized hardware to do video mining. For the video part, we’re in very good stead. The hard part is building a very performant blockchain.”

Meanwhile, VideoCoin is also defending its network against scammers by notifying users of various fraudulent schemes. From Twitter to Google forms and Telegram, some people are trying to get customers to send money to the wrong people. In order to minimize such cases, the project has announced that it won’t initiate conversations with users on Telegram.