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 the ERC-20 token standard and has several use cases.
It’s important to note that the Livepeer token does not serve as a medium of exchange. This means that, in order to stream on Livepeer, network participants use ETH instead of LPT.
Instead, the Livepeer token functions as a staking token. By staking the LPT token, users can determine the work distribution within the Livepeer network.
LPT is responsible for securing Livepeer via a Delegated-Proof-of-Stake (DPoS) mechanism. It functions as a bonding mechanism that delegates staked tokens to the network participants who complete the transcoding process.
The Livepeer coin also serves as a coordination mechanism by routing work based on the staked and delegated amount of tokens.
Before being able to stream a live video, you must transcode it first. When it comes to video content, transcoding refers to reformatting videos in such a way that bandwidth and device type does not get in the way of an optimal viewing experience.
Dramatic fluctuations are a staple of the crypto industry and Livepeer is no different. The difference between the all-time high and all-time low of the LPT price demonstrates this perfectly.
You can check similar statistics and the Livepeer price history on the graph above.
What are the Main Features of Livepeer?
One of the main goals of the Livepeer crypto project is to change the way we view and interact with live streaming. It aims to do this with the implementation of blockchain technologies.
It’s entirely open-source, which means that anyone can easily view the original code and make suggestions to improve the project.
It provides unique live streaming features such as auto-scaling, video-enabled decentralized applications, and complete elimination of censorship. Most importantly, users of Livepeer benefit from a unique pay-as-you-go video viewing model, which provides the most optimal experience.
Livepeer can be utilized by developers, as well as small and large streamers.
There are 3 main roles within the Livepeer network: developer, token holder, and video miner.
Developers can integrate Livepeer into their applications to ensure high-quality live streams. There are 2 parties that are responsible for maintaining the most optimal quality level: orchestrators and delegators.
Orchestrators, or video miners, provide their computing resources, such as GPU and CPU, which are used for the processes of transcoding and distributing video content. To become an orchestrator, you must hold the Livepeer token. For their contributions, orchestrators are rewarded with a type of cryptocurrency.
Delegators, or token holders, are responsible for securing the Livepeer network. They do this by staking their tokens to their selected orchestrators. Delegators are incentivized via a share of the fee paid by the broadcaster. Moreover, depending on their staked token amount, delegators receive a portion of LPT minted by the Livepeer network. As of June 2022, there are over 4,000 individual delegators.
Who Developed Livepeer?
The Livepeer crypto project was co-founded by Eric Tang and Doug Petkanics in December of 2016.
Eric Tang has successfully completed his studies at Carnegie Mellon University and gained degrees in electrical and computer engineering, computer science, and business administration. In 2010, he started working as a lead developer at Hyperpublic, which is one of the companies founded by Doug Petkanics. In 2013, both of them co-founded Wildcard - a mobile publishing company.
Doug Petkanics is a graduate of the University of Pennsylvania, where he earned a bachelor of science in engineering. Prior to Livepeer, Doug Petkanics co-founded other projects including Hyperpublic and Wildcard. However, Livepeer is his first blockchain-based project. Doug Petkanics has taken the role of Livepeer’s CEO since 2016.
Don't forget to check out the current LPT price on the graph above before making any purchase decisions.
