Transcodium is a blockchain-powered decentralized media transcoding, editing, and distribution platform. Transcoding means converting the format of a digital file to any desired format. According to the whitepaper, Transcodium is the first peer-to-peer blockchain platform in the segment. The platform aims to offer high-quality and reliable computational power at affordable prices. Likewise, Transcodium intends to allow users globally to rent their idle machines for being utilized as workers.
Transcodium claims that transcoding is essential for social media and content streaming networks. Platforms like YouTube and Netflix, Transcodium states, need to convert videos into multiple file formats before making them available to the public. These conversions ensure that the shared videos are compatible with multiple devices like smartphones, tablets, laptops, televisions, etc. Moreover, the streaming platforms also need to transcode videos to match the internet connections of the devices to ensure a smooth experience.
Customers who need computing power for transcoding can place their requests on the Transcodium network. Subsequently, the network allows the ‘workers’ or the idle computing power of the users to process transcoding requests. Transcodium seeks to offer high levels of privacy and optimum processing power. Likewise, the platform seeks to offer unlimited processing power to its customers at lower costs.
TNS is the native cryptocurrency of the Transcodium network. Built on the Ethereum blockchain using ERC-20 architecture, TNS functions as a mode of payment on the platform. Also, users who rent their idle computing power seek to receive rewards in the form of TNS tokens, while users need the tokens to place requests. Transcodium also aims to allow TNS holders to trade and exchange the tokens with users within the ecosystem and outside of it.