A Future Equity Agreement (SAFE) gives you the right to future shares in the company. If you invest, you're betting the company will be worth more than $6M eventually.
Have you ever heard of grid computing? It is a collaborative way to achieve a large computer processing capacity — such as that of tech giants or of a supercomputer — with the help of many individual contributors. Anyone with a smartphone, tablet or PC can make its device capacity available to the network during inactivity, in exchange for a reward.
Our sharing idea has its roots in the awareness that "traditional" cloud computing is no longer capable of keeping pace with the processing demand and the increasing size of internet data. This hidden cost of scalability is primarily paid by customers of cloud services.
Our solution sets the stage for a paradigm shift: what if, instead of high-consumption and purpose-built server farms, everyday processing tasks could be tackled by the devices in our pockets?
The result is EXTRAORDINARY!
Users throughout the world can earn from their devices, repaying the cost of their new ones and avoiding throwing the old ones in the trash.
Customers can benefit from parallelization to increase performance and they can as well shrink the cost, since everything they need to pay is a small contribution to each user and an even smaller fee to ByteNite (check out slide 8).
Two MVPs are under development at ByteNite:
In between them, an intelligent and resilient backend system monitors and schedules the entire workflow:
You may wonder whether we plan to implement some specific services on our customer platform, and the answer is YES, SURE! Our first service will be Video Transcoding. In case you’re not familiar with the term, here are a couple of beginner guides about it: Dacast's Guide, Vivid Labs' Guide.
Here's why distributed and mobile computing represent a huge opportunity for video transcoding:
Videos can be easily broken down into groups of frames (a.k.a. GOPs) that are sent to different devices and encoded independently. This process is called partitioning.
At ByteNite, we believe there's a great opportunity to innovate and to do good.On the one side, people living in developing countries usually have at least a smartphone or a computer but not seldom struggle to get to the end of the month: this is one contradiction of the massive technology export. Our solution can generate value from the already existing substructure and help people around the world redeem their power on technology.
On the other side, our devices can do a lot better than being used to take selfies, surf social media and eventually be thrown in the trash: by joining ByteNite, they'll help us spare an average of 37% energy (the data centers electricity consumption from Non-IT Equipment such as cooling and lighting) and recycle 7% of electronic waste.
But, wait... that's not all! We're planning to move on with Graphics Rendering (a current market size of $2.6B) and Computer Vision ($12B) as soon as we've reached a product market fit with Video Transcoding, or even sooner:
You’ve probably figured it out, distributed is the way we do.So, the same applies to revenue: for every $10 spent on our platform, $7 go directly into our users' pockets and we keep what's left net of the utilities like network bills.
We're not going after little niche customers – indeed, the joint valuation of the global video transcoding, 3D rendering and computer vision markets (our first three products) is currently $16.38B (2022) and is set to grow 17% YoY. Further, supposing that only 5% customers are open to switch cloud providers, we'll be serving a billionaire market by 2027.
Does it look difficult to make millions in revenue out of a $0.01 base price? Well, it's easier than it seems. Just 2% of the upload volume to YouTube will be sufficient to earn us $21M, considering that online videos are usually resized to SD, HD and UHD (those makes up a $0.07 per minute price). And this is not wizardry given that our competitors like Bitmovin already make $25M+ out of video processing only.
Distributed and grid computing projects are nothing new per se, but somehow each of them stuck to a paradigm that didn't allow them to get the real traction such a sophisticated technology deserves. Let us take a look at the route:
As for video transcoding, there are of course plenty of solutions out there to upload, decode, re-encode, bulk edit and pack your videos. Some of them are physically shipped to you as a hardware, which you may prefer if you are a large company that works with live video streaming, while some others are available on the cloud through an API call or a user-friendly web platform, ideal for small and medium sized enterprises or individual creators seeking for viable and cheap video processing. These cloud transcoding providers offer a seamless video processing service powered by the computing capacity which they draw from their own servers or rent from other cloud providers like AWS or GCP. So, as much as they increase their velocity by optimizing their cloud software, they'll always rely on cloud providers' bills and on the scalability limitations discussed earlier and will hardly compete with ByteNite's processing power.
In a nutshell, our competitive advantage consists in exploiting the great opportunity of grid computing while hiding the technology layer and simplifying the user experience for our customers, delivering a faster, more affordable and more flexible service.
Here are the brains and the arms behind the project:
And here are their takes on ByteNite:
Fabio – Everyday I go outside and I see people bent over their smartphones and laptops unknowingly processing data, whenever they convert an image before sending it in a WA group or they compress a PDF before emailing it. During my academic experience and as a data science intern, I also saw how much computing power is needed everyday to process financial and healthcare data and I quickly realized that these are only two categories of Big Data: what about video, which accounts for 80% mobile data?! What I wanted to invent was a technology that connects the existing hardware penetration with the increasing demand for computing power, giving birth to a viable and sustainable marketplace where resources are optimized and the tremendous power of distributed computing is finally harnessed. That's how I came up with ByteNite.
Raffaele – I consider ByteNite an incredibly innovative and powerful idea and I will support it and its CEO by sharing my experience and my network of contacts. In general, I believe in any new technology which can help human beings in optimizing the given resources and safeguarding our planet – in short I believe in what can improve our lives. ByteNite will take advantage of the existing computing resources while saving energy and fighting the climate change by reducing the CO2 level: what’s more?
Paolo – It's hard to find really innovative solutions out there, and when I see one, I do whatever it takes to support the project, the CEO and the team. I believe ByteNite is one of these few incredible disruptive companies, and it matches all the checkboxes of the values and investment thesis of the projects that I support: helping the Earth's sustainability, scalability, smart use of surplus resources, zero marginal cost of supply and demand, and organic methods of mass adoption, including strong network effect. That’s why I am a proud advisor and supporter of ByteNite.Yasiru – The harnessing of underutilized resources like mobile computing power, and the use of incentives for participation represent an opportunity to deliver a centralized infrastructure that can power video transcoding at a highly efficient price, and infinite scale. Thanks to the gained experience in mobile development and distributed video encoding I can help to develop a mobile app that can power ByteNite's network.
Florin – I think ByteNite has great potential in an emerging market given the technology products widely available these days. I see ByteNite both as a great opportunity to generate passive income and as a way that allows everyone to contribute to the climate cause. Being such a close-knit team, good things will come out for sure and I hope that with my contribution we will move a little further towards the goal.
Special thanks to Ksenia Security S.p.A., our Pre-Seed investor and the first one to believe in this project
We’ve already raised around $500K that we’ve used to put together a team of 3 amazing developers working full-time, to hire UX and Web design companies for our App and client platform, to collaborate with teams of experts and consulting firms to plan strategic development, and much more. Currently, the demo version (of which you can find a video made in February 2022 here: ByteNite Transcoding Demo) has been replaced by an MVP available internally: we are working to connect all the components and automate the upload of computational jobs; we will be ready by the end of the year for the beta release of the final product!
In the meantime, we need your help to keep things going. With an investment of any size through the WeFunder platform you will hold shares* in the US company ByteNite Inc. and will have access to exclusive services as an early investor, including access as beta testers to the User App for computing and earning and to the transcoding platform. We will use your funds to finance research and development and for sales and marketing, from now until mid-2023, when the service will already be launched and fully operational!
*Please note that we are currently 'testing the waters' to gauge investor interest in an offering under Regulation Crowdfunding. No money or other consideration is being solicited at this stage. If sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and only through Wefunder’s platform. Any indication of interest involves no obligation or commitment of any kind.
🇮🇹 Italian investor? 🇮🇹 ➡️➡️➡️ Go to the Italian presentation