VideoCoin raises $35M for blockchain to rival Amazon video

From CNET: Longtime tech entrepreneur Halsey Minor has a plan for tapping all those idle servers -- think of them as "zombie" computers -- sitting in data centers and having them process, store and distribute video. And he says that plan will cost far less than rival services from Google and Amazon.

Oh, and he's come up with a way for content creators to pay owners of the computers they're effectively renting that uses a new blockchain-based cryptocurrency called VideoCoin.

Got it? Even if you don't, VideoCoin has millions of reasons to believe it's on to something. Just a little over a month after announcing VideoCoin, with $10 million in backing, Minor said Tuesday that the startup has raised $35 million toward its $50 million goal from more than 20 investors, including the co-founder of Ethereum, a platform for blockchain apps. Thanks to what it calls "overwhelming demand" from private investors, VideoCoin also scrapped a March initial coin offering (ICO) to raise money to build out the platform, which it wants to have up and running in the next 12 to 18 months.

View: Article @ Source Site