Video streaming is one of the most popular ways users consume content in 2022. Unfortunately, video streaming, primarily live streaming, has traditionally been expensive and challenging for companies, given the massive storage and bandwidth required.
80% of all internet bandwidth worldwide is consumed by video streaming. One project hoping to change this is Livepeer (LPT), a video streaming protocol that provides developers and broadcasters with decentralized video transcoding and distribution services.
Let’s learn more.
What Is Livepeer Network?
Livepeer is a decentralized network for transcoding live and on-demand video built on Ethereum.
Livepeer is distinct from standard video streaming sites such as YouTube because it does not host, store, or distribute video content. Instead, Livepeer is developing a solution that better uses unused CPU capacity to streamline the video distribution process from broadcasters to end users.
Livepeer aims to shake up the market for video transcoding by providing broadcasters with access to thousands of distributed processors and enabling app developers to generate films within a safe, effective, and reasonably priced architecture.
What Is a LPT Token?
The Livepeer token (LPT) is designed to coordinate, bootstrapping, and incentivize participants in the Livepeer network to ensure that it is as cost-effective, secure, dependable, and helpful as is humanly possible.
LPT is essential to carry out the process of transcoding and distributing video across the network for the Livepeer protocol to function correctly. If you own more LPT, you can conduct more work on the network in exchange for fees. As the number of people using the network increases, so does the demand for orchestrators and, consequently, LPT.
Current trading price: $5.256
Market Cap: $147.47 million
Total Supply: 28.03 million
History of Livepeer
Doug Petkanics and Eric Tang launched Livepeer in 2017.
The Livepeer team did not hold a token sale to distribute their created LPT token. Instead, an initial quantity of LPT was split between the early members of the team, the community, and the project's creators. Additionally, a fund for long-term development was established.
Features of Livepeer
The orchestrator is responsible for ensuring the Livepeer network's integrity. Anyone can join the network and contribute by becoming an orchestrator. Users contribute unused computing resources such as bandwidth and CPU by acting like this. As a result, this makes it easier to transcode and distribute video streams that broadcasters have requested.
In exchange, orchestrators get Livepeer network fees as incentives for the computational resources they contribute, allowing them to generate a passive income in cryptocurrency. The fees to orchestrators can be paid in ETH or a stable cryptocurrency such as DAI.
Downloading specialist software that requires a high level of technical expertise is one of the requirements for individuals who want to take on the role of an orchestrator. The option to become a delegator is available to everyone who owns LPT tokens and is interested in participating in the Livepeer network but currently needs to possess the required resources, amount of time, or level of competence.
The role of the delegator is the second most important one that the Livepeer network plays. Delegators are holders of LPT tokens who wish to contribute to the network's security while exerting the least effort possible. This is accomplished while at the same time producing an income that does not require active work.
Delegators have the option of staking their LPT tokens on the Livepeer network towards orchestrators who, in the delegator's opinion, are doing a good job. Delegators can earn some of the orchestrators' fees by securing tokens favoring a specific orchestrator. Delegators can prefer the same orchestrator once again after the conclusion of a lock-up period, or they can select a different orchestrator.
Currently, 6,037 delegators are protecting the network, and each day, an increasing number of users are signing up to become protectors.
Multi Use Case
Livepeer can power the video capability of applications by developers who want to construct applications that feature either live or on-demand video. Users interested in streaming video, gaming, coding, entertainment, educational courses, and other forms of content can do so with the assistance of applications built on Livepeer. Livepeer can help minimize costs and overhead for infrastructure for broadcasters with large audiences and high streaming bills or expenses.
What Makes Livepeer LPT Unique?
Livepeer was the world's first video streaming infrastructure that did not require a central server. The team's sole mission is to provide streaming application developers with a dependable and sturdy infrastructure to provide their users with the most enjoyable experience possible.
The protocol and tokenomics of Livepeer are meant to encourage participation, either through the running of nodes or by staking, which contributes to the infrastructure's continued reliability and security. More than 70,000 graphics processing units (GPUs) are already contributing to the operation of the network, which is sufficient power when combined to encode all of the real-time videos flowing through Twitch, Facebook, and YouTube combined.
One of the most critical metrics for measuring user activity, the amount of raw video transcoded in one week, has shown consistent growth for Livepeer.
How to Buy LPT Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including LPT, users can now trade easily and seamlessly. To purchase LPT on CoinEx, follow the steps below.
If you already have a CoinEx account, this is how to purchase and sell LPT coins on CoinEx:
- To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to make LPT purchases. You can deposit the funds via bank transfer, credit card, or debit card. P2P financing is another available option.
- Once you have funds in your account, you may buy LPT by going to the LPT trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for LPT. Put in your order and the quantity you want to buy.