What is Livepeer (LPT)? Everything you need to know

What is Livepeer (LPT)?

Livepeer stands out as a unique video streaming platform, distinguished by its complete decentralization. Its goal is to offer a blockchain-based, economically efficient alternative for creators to reach their audience without hefty fees associated with centralized broadcasting solutions. The platform is designed to provide open-source video streaming infrastructure accessible to all.

As outlined in the LPT whitepaper, the live streaming and broadcasting sector is rapidly expanding, and Livepeer aims to capitalize on this growth by introducing decentralization to this environment. The Livepeer ecosystem aims to simplify the broadcasting process by enabling creators to submit their content to the platform, which handles reformatting and distribution to users and streaming platforms.

Who are the creators of Livepeer (LPT)?

Because Livepeer is open-source, developers have the freedom to contribute to its code on GitHub. Livepeer Inc., the entity behind the organization, was established by Doug Petkanics and Eric Tang. Doug Petkanics holds a computer science degree from the University of Pennsylvania (2006), while Eric Tang graduated in electrical and computer engineering from Carnegie Mellon University. They co-founded Hyperpublic in 2010, and subsequently collaborated on projects like Wildcard before joining forces on Livepeer.

How does LPT work? 

Livepeer's technology presents a wide range of potential applications. The Livepeer Token (LPT), integral to its delegated-proof-of-stake (DPoS) security system, incentivizes validators who partake in video transcoding tasks, receiving a portion of the network's rewards. Traditionally, video distribution entails costly reformatting for optimal viewing across devices and network speeds, a process handled by Livepeer nodes. These nodes encode videos into various bitrates and formats and provide computational resources to the network, while broadcaster and relay nodes disseminate content to end-users via web apps and decentralized applications.

Key features of LPT

• Livepeer was the world's pioneering decentralized video streaming infrastructure.
• The protocol and tokenomics of Livepeer are structured to promote engagement, whether through node operation or staking, ensuring the infrastructure's security and reliability.
• Livepeer has experienced ongoing growth in critical usage metrics, exemplified by a significant increase in the volume of raw video transcoded within a week. In the week ending June 12, 2021, Livepeer node operators processed a record 2.3 million minutes of raw video, marking a six-fold surge from the beginning of 2021.

How to buy Livepeer (LPT)?

To purchase LivePeer, you need to register accounts on various platforms or applications like Binance, Kraken, and Mudrex.

After creating your account, you can select the Livepeer asset you wish to purchase.

Once you've chosen the asset, review the payment details and proceed to make the payment.