VID is the native protocol token for the VideoCoin Network, a decentralized video platform that is reinventing the way that online videos are created, stored, and distributed. VideoCoin aims to transform cloud video into an algorithmically-driven market. The VID token is used by content commissioners on the network to pay creators for the videos they produce. VID can also be earned by video storage miners, distribution miners, compute miners that provide CPU time, and relay miners that broadcast content to third party applications. Content creators can then stake their VID tokens on the VideoCoin network to increase their reputation on the network.
The VideoCoin network tracks the overall reputation of each content creator to enable users to filter for low-cost, high-quality video production. The project combined blockchain with video creation and consumption to enhance encoding and storage of videos as well as retrieval and distribution. Encoding and storage functions are sent to the VideoCoin platform with encoder configuration metrics like codec, bitrate, and output container formatting.
Miners compete with one another to win the right to provide computing power and storage space to the VideoCoin Network. Retrieval and distribution jobs are sent to the network along with CDN configuration parameters like bandwidth and physical location. Much like encoding and storage, miners on the network compete with each other for the right to retrieve videos from storage and distribute them to users who want to view the video.