The sharing economy is built on minimizing waste. Uber and Careem are ride hailing apps for idle cars while Waze carpool allows co-workers/anyone else with the same destination to share a ride and Airbnb allows travelers to stay in empty guest rooms in other people’s homes. Wherever there is a chance to put resources to use, the shared economy thrives. With this in mind, a company called VideoCoin has emerged. It plans to apply the same philosophy to fintech and cloud sharing.
A chief investor in VideoCoin, Halsey Minor, argues that there are many computers out there (20-30% of all computers) contributing nothing to the world economy when in fact, they represent hundreds of dollars of investment. Those computers could be used to store, encode and deliver video to people cheaper much more cheaply than the cloud services employed by Amazon and Google.
And before you roll your eyes, know that he announced the idea a month ago with $10 million in funding and he’s already got $35 million. The $50 million target is well within reach and the investor list includes Alphacoin Fund, Alphabit Fund and Anthony Dillorio (Founder of Ethereum). Halsey believes this is the next step beyond Cloud computing. And he should know, he founded Salesforce, one of the earliest cloud computing companies in 1999.
So where does fintech come in? VideoCoin is the cryptocurrency that will be used to pay contributors around the world for this service. And through the Blockchain, it will be possible to transfer VideoCoin to any country without the need for a Bank account.
Services such as these take advantage of freelance contributors and Pakistan just happens to be the third largest hub for freelance work in the world. Anyone with an idle computer can put it to work encoding video while they are at work or asleep. And payment through Videocoin will be ensured even if the contributor is part of the unbanked population.