Transcodium ICO, Bringing an Existing Business from the Cloud to the Blockchain
Transcodium is an ICO that caught my attention because of its existing business and practical application.
While I plan to apply for a bounty on this post I feel that it is important to give my honest unprofessional opinions on the project. The first thing I came to understand when looking into Transcodium is that they have an existing business (Medianap) which failed. I do like the project and I'm going to get into potential good points further down, however I think its important to be clear about the business history. Failure is part of life and learning from past problems can add valuable experience to future endeavors. The team seems to think they can correct the problems which led their business to failure using blockchain technology. Originally the cloud was used, which was more expensive and an overall drain on resources. Transcodium seems to think that using a blockchain as opposed to cloud technology would be more efficient, cost effective, and eliminate down time.
So what exactly is Transcodium?
Transcodium is a decentralized media file transcoding and editing platform. The token use case allows those with idle devices to rent out computing power (in exchange for tokens) and those who have need to rent that power will pay in tokens. The workers (rented out idle computing power) would receive small chunks of a file, which is broken down by Transcodium algorithms, and convert the file into other more compatible formats. Idle workers with more computing power and better internet connections would gain a master node status for doing more work. Before work would commence an estimate cost will be provided to potential customers. I like the idea of estimates so that customers wont be surprised by the cost.
In the Transcodium road map is the wallet plan. The wallet is said to include a feature which would connect to exchanges, making token conversion easy for workers. I thought this was a nice add on. The Transcodium token (TNS) is an ERC20 standard token.
The teams existing business is a double edged sword as far as potential goes. There is always the chance for failure in any ICO or TGE. I hope Transcodium has learned from past failures, and although their white paper makes the case that they have solved their problems at this point its just theory. Personally I like the idea of being able to use the platform to generate some extra income by using the computing power of my old devices, so I want to see the project become successful.
Listed below are links for you to look through in order to form your own opinion and do your own due diligence.
White Paper https://transcodium.com/files/whitepaper.pdf
Website https://transcodium.com/?lang=en