Livepeer (LPT) is a decentralized video content sharing platform built on Ethereum.
What is Livepeer (LPT)?
Livepeer (LPT) is designed to integrate video content seamlessly and decentralized into applications at a fraction of the cost of traditional solutions. It was created at Livepeer Inc in 2016 and went into operation in 2017. Livepeer’s token is LPT.
Livepeer (LPT) is a completely decentralized live video streaming network protocol operating on the Ethereum blockchain.
The platform aims to be a suitable, blockchain-based, economically efficient alternative to centralized broadcasting solutions for all broadcasting companies. Considered as a decentralized alternative to platforms such as Youtube and Twitch, Livepeer (LPT) aims to breathe new life into the rapidly growing live video streaming and broadcasting industry.
Livepeer (LPT) processes video content reliably and cost-effectively using blockchain technology that leverages game theory, crypto-economic incentives, and smart contracts to foster positive interactions among stakeholders. Its token, LPT, is used to coordinate video processing tasks and distribute it securely and reliably among network participants.
LPT, as a blockchain-based video and live broadcast platform, aimed to provide a free environment to publishers. It aims to eliminate all the problems found with the automatic scaling feature of the contents. In addition, LPT mining can be done with a method called ‘video mining’ within the system.
How Livepeer (LPT) Works
Livepeer (LPT) is built on Ethereum. It is a network that brings together those who are looking for video processing service and those who provide this service. It uses its native token LPT to incentivize network participants to keep this video conversion process reliable, affordable. In the Livepeer network, regulators and delegates work in partnership.
Regulators
Anyone with video mining equipment can stake their LPT and do video processing on the Livepeer network. In exchange for providing this service, they receive a share of the video processing fee in LPT and ETH. These network participants are called organizers.
delegates
Those without access to video mining tools or video processing experience can also become participants in the network by delegating or allocating their LPTs to node operators with the necessary tools and expertise to process video via the Livepeer Browser. These network participants are called delegates.
