Livepeer

What is Livepeer?

The Livepeer Token, or LPT, is the native token of the Livepeer ecosystem. The latter is a decentralized video transcoding protocol deployed on the Ethereum blockchain. LPT is based on ERK-20 token standard and has several use cases.

It is important to note that the Livepeer token does not serve as a medium of exchange. This means that for streaming on Livepeer network participants use ETH instead of LPT.

Instead, the Livepeer token functions as bet token. By staking the LPT token, users can determine the distribution of work within the Livepeer network.

LPT is responsible for the security of Livepeer through Delegated Proof of Stake (DPoS) mechanism. It functions as a binding mechanism that delegates staked tokens to network participants who complete the transcoding process.

The Livepeer coin also serves coordination mechanism by routing work based on the number of tokens staked and delegated.

Before you can stream live video, you must first transcode it. Regarding video content, recoding refers to reformatting video so that bandwidth and device type do not interfere with optimal viewing.

Wild swings are the backbone of the crypto industry, and Livepeer is no exception. The difference between the all-time high and all-time low LPT prices demonstrates this perfectly.

You can view similar Livepeer stats and price history in the chart above.

What are the main features of Livepeer?

One of the main goals of the Livepeer crypto project is change the way we view and interact with live broadcasts. The company’s goal is to implement blockchain technologies.

It is completely open source, meaning anyone can easily view the source code and make suggestions to improve the project.

This provides unique streaming features such as auto-scaling, video-enabled decentralized applications, and complete elimination of censorship. The most important thing is that Livepeer users get a unique opportunity pay-as-you-go video viewing model, which provides the most optimal experience.

Livepeer can be used by developers as well as small and large streamers.

There are 3 main roles in the Livepeer network: developer, token holder and video miner.

Developers can integrate Livepeer into their applications to provide high-quality live broadcasts. There are two parties responsible for maintaining an optimal level of quality: orchestrators and delegators.

Orchestrators, or video miners,provide their computing resources such as GPUs and ,Central Processing Units, which are used for the ,processes of transcoding and distribution of video content. To become an orchestrator, you need to have a Livepeer token. For their contribution, the organizers are rewarded with a kind of cryptocurrency.

Delegators or token holders, are responsible for the security of the Livepeer network. They do this by staking their tokens to selected orchestrators. Delegates are incentivized through a share of the fee paid by the broadcaster. Moreover, depending on the amount of tokens staked, delegates receive a portion of the LPT issued by the Livepeer network. As of June 2022, there are over 4,000 individual delegates.

Who developed Livepeer?

Cryptocurrency project Livepeer was founded Eric Tang and Doug Petkanix in December 2016.

Eric Tang successfully completed his studies at Carnegie Mellon University and received degrees in electrical and computer engineering, computer science, and business administration. In 2010, he began working as a lead developer at Hyperpublic, one of the companies founded by Doug Petkanix. In 2013, they both co-founded Wildcard, a mobile publishing company.

Doug Petkanics is a graduate of the University of Pennsylvania, where he received a Bachelor of Science in Engineering. Before Livepeer, Doug Petkanix co-founded other projects including Hyperpublic and Wildcard. However, Livepeer is his first blockchain-based project. Doug Petkanix has served as Livepeer’s CEO since 2016.

Be sure to check the current LPT price in the chart above before making any purchasing decisions.