Halsey Minor of CNET, Salesforce, and VideoCoin Co-Founder has Interview
Interview Section With Halsey Minor, CNET, Salesforce, and VideoCoin Co-Founder
Halsey Minor was interviewed on his unmatched video encoding and decoding idea with blockchain, he was able to touch some certain aspect of his ideas especially his latest project VideoCoin.
Halsey Minor, who is either the founder or Leader of firms of the like of CNET, Salesforce, Google Voice, Uphold, Voxelus, and OpenDNS, has decided to fill the gap in the Business to business realm using the latest trend in technology – the blockchain.
His new idea VideoCoin, uses blockchain technology and cryptocurrency to find solution to the oblem in the video streaming and encoding industry in the internet, making use of data centers and redundant computing power to commit some of their resources, and exchanging them for a reward combining the proof-of-work and proof-of-stake models.
In a conversation with Cryptovest, before heading the World Blockchain Forum in London, Halsey pointed to some things worth sharing with the crypto community.
How VideoCoin Evolved
He said the idea behind VideoCoin came as an outcome of his experience with LivePlanet, a firm that produces cameras with the potential to stream VR video and offers cloud media services revolving around stereoscopic VR.
“At LivePlanet, we have this very deep video expertise. We take 4K video and ingest it from a VR camera and then we send it to all major platforms, which is very much like Fox does with their video as they have to send it to like 9 different platforms, different devices, different services, at different bandwidth”.
He added that with service like this, bandwidths are necessities than with 2D video, however, storage is also required for to stream the video to consumers, this made him.
“My guess is that Netflix has a version [of its videos] for every streaming rate, for every device. It’s called encoding and you have to do it for every single device if you want to optimize it. So, a big cost has now become this process of video as you encode it for all these different devices. You look at a totally different video on your iPhone as you do on your iPad, or your Galaxy Gear. They’re all processed differently.
How The Problems Were Solved
Halsey Minor said he was doubtful of blockchain technology approach while launching Uphold, this resulted in more doubts whether there were any reasonable applicability of it aside the cryptocurrency and fintech world. Then, he saw Ethereum blockchain, but was flabbergasted.
“When I was launching Uphold, at the time, I was very cynical about blockchain applications. It wasn’t until Ethereum started taking off that I really started thinking deeply about whether my early perceptions have been wrong about whether there were real blockchain applications.”
He added that the mind to forge ahead on VideoCoin came from how Ethereum uses the computing power of people around the world to run its network.
“So, we realized that because 20% of data center capacity is effectively unused—because you’ve got this $20 billion of infrastructure that’s simply not used for anything… Every one of those machines has an encoder. So, they’re all sitting there. They’re all capable of ‘mining’ video. And video’s 80% of the internet. It’s growing at 25% annually, compound, per year, and video itself is an inflection point where we see 4K, 8K, VR, videos becoming reality, and it’s a very exciting time to do video anyway just because of everything that’s going on. For the first time, crypto absolutely allows for the Uber/Airbnb shared resource model to exist [in video streaming] because it provides a payment mechanism… These machines have chips in them that allow them to do encoding, the coin provides a payment system that works universally, […] and the software itself and various proofs can prove people’s computers can do something and can prove computers did do something,” he said.
On the Consensus Model To Use
While the proof-of-work model has gained prominence in the cryptocurrency space for several years, but other approaches have challenged it. Meanwhile, VideoCoin’s model is centered on the video streaming industry. While its consensus and mining model may not be used by many of the top coins, we are not seeking its popularity, he averred.
It Has To Work
The idea behind VideoCoin’s blockchain is that it will separate consensus entirely from mining in its equation.
“Some [cryptocurrencies] like Bitcoin create arbitrary proofs to solve. That’s not useful work. What our miners do is useful work… We have proof of storage, proof of encoding, proof of streaming, and we have one thing that I don’t think anyone else has done—and that’s because we have a lot of data center experience. We have relay miners, which can connect with Amazon or Google so you can bring all of your video infrastructure into our networks. You don’t have to give up what you have; you can just extend it,” Minor said.
Halsey Minor Added That Staking Will Be Used For The Sake Of Speed.
“In order to run at the speeds that we need, [so that] when you click on a video, it runs instantaneously, the staking part of our network is really the most important part because every data center will be staked so that we can guarantee that the resource is online and ready for activity… I think it’s much easier to build a staking model for a specific application than it’s going to be for Ethereum to build it for everybody,” he said.