Ethereum-based video platform secures $8 million in funding

Ethereum-based video service secures $8 million in funding

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Teodor Stig-Matz

teodor.matz@trijo.co

The service is called Livepeer and connects those who provide computing power for video hosting to those who need it.

That video is a primary medium on the internet is hardly news. But in order for you to see a film on, for example, Youtube, a lot of computing power is required. For Google, which owns Youtube and is one of the world’s largest companies, this is not a huge problem, because they own gigantic server halls. But for smaller app developers, providing the computing power needed to display large amounts of film can be complicated and expensive.

In comes new service Livepeer. It connects those who provide computing power for video with those who need it. The system is built on the ethereum blockchain, and the idea comes from the serial entrepreneurs Doug Petkanics and Eric Tang.

Northzone invests

Now the company has secured $8 million in an investment round led by Northzone. Other investors include Ben Rubin, founder of the streaming service Houseparty, Techcrunch reports.

Ethereum, on which the service is based, will possibly get a big update in January, you can read about that here.

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