CNET Founder Closes $50 Million ICO for Video Streaming Token

"It's all cost and no revenue," Halsey Minor, CEO of Live Planet, an immersive video startup, told CoinDesk in an interview at Consensus 2018.

Live Planet is a strategic partner in VideoCoin, which announced Wednesday the completion of a $50 million initial coin offering entirely through private investment.

"What we're building is the next-generation infrastructure for how you do video processing and distributed services," Minor, best known as the founder for the tech media website CNET, said.

The plan is to create a platform that allows broadcasters to send their video streams out to unused computer infrastructure, such as server farms that have excess capacity, for processing.

Minor has a track record betting on early technology that faced serious doubts at first.

By decentralizing computing tasks, Minor believes that there is still more margin that can be shaved off the cost of computing services.

"You don't need specialized hardware to do video mining," Minor explained.

All computers, even cell phones, come with video encoders built in.

"For the video part, we're in very good stead," he said, citing team members who worked on enterprise streaming solutions.

With the completion of the token sale, the company announced it would update its product roadmap and new partnerships support adoption of the open source VideoCoin platform.