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    The internet trader Amazon logo is seen behind barbed wire at the company's logistic center in Rheinberg,Germany, Tuesday, Feb.19, 2013.

    VideoCoin: CNET Founder Comes Up With New Cryptocurrency to Challenge Amazon

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    Halsey Minor, founder of the CNET media website and cofounder of Salesforce, a California-based cloud computing company, now intends to steal giant Amazon’s thunder in the video business with an innovative new blockchain startup.

    Minor, a famed cloud computing pioneer, has launched yet a new venture, VideoCoin, Business Insider reported.

    This avant-garde technology is blockchain-based and will be potentially used for encoding, storing and streaming video. 

    The open-source effort aims to broaden the horizons of the average video content user, since it allows videos to be processed as easily as with Amazon Web Services or Google Cloud, but for much less money. That makes the technology available to anyone from Hollywood studios to budding videographers. Impressive, isn’t it? Even more so, since Minor has already raised a staggering $25 million in pre-ICO investments.

    The initial coin offering is planned for March, while the project is set to be up and running within a little more than a year from now.

    READ MORE: IOStoken: Next-Gen Virtual Coin Takes Cryptocurrency Market by Storm

    "We can harness all these computers around world," said Minor. "We can do things Amazon can’t."

    The project looks similar to the so-called SETI@home project, which harnesses the power of participants' home computers to obtain astronomical data for extra-terrestrial signs. Minor suggests that in the new project, instead of E.T., users share video data and essentially get paid for it with VideoCoins — the cryptocurrency, specially devised to this end. Before the project launches, purchasers will be able to use tokens to buy processing power on the cloud servers of Live Planet, Minor’s virtual reality video startup, which is now fully operating.

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    cryptocurrencies, innovative technology, cloud computing, digital currency, Amazon, United States
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