What Is Livepeer (LPT)?

Introduction : Livepeer

¬†Social media’s increasing usage, particularly in the recent pandemic, added to its substantial impact on the web content market in 2021, according to Web monitors. The vast growth of the media maker economy helped 81% of the internet’s bandwidth be used for video-related content that year.

The market for those producing $70 billion worth of video streaming content has grown exponentially in recent years. New content creators, however, frequently struggle to maintain payouts created by the streaming video platforms that dominate the market, such as YouTube.

Livepeer

Livepeer is working on a technology stack that will make it less costly for broadcasters to live stream. This new technology stack will allow for people to develop new, exciting use cases.

What is Livepeer?

Livepeer is a decentralized video streaming platform that enables users to stream live video content to a global audience. The platform utilizes the power of the Ethereum blockchain to create a peer-to-peer network of video broadcasters and viewers. Livepeer is designed to provide a more efficient and cost-effective way for users to stream live video content. The platform has recently launched its mainnet and is currently in beta.

How Does Livepeer (LPT) Work?

Livepeer is a decentralized live video streaming platform built on the Ethereum blockchain. It is designed to power live video applications at scale while reducing costs and improving quality.

Livepeer uses a unique token system to incentivize users to contribute their computing resources to the network. Users who contribute their resources are rewarded with Livepeer Tokens (LPT).

The main stakeholders in the Livepeer network are orchestrators and delegators.

Delegators

If you don’t have the ability to process video streams or rely on video mining tools, you can still participate in networking by delegating your LPT to a node operator who can utilize the Livepeer Explorer. Such network participants are also known as delegators.

Orchestrators

Video mining will let anyone with video-mining technology to directly sell their LPT and process live video tasks on the Livepeer network. In return for providing this service, they receive a fixed percentage of the video footage fee on the Livepeer network in the form of LPT and ETH. These network participants are referred to as orchestrators.

The Livepeer network is designed to be highly scalable.

Where Can You Buy LPT?

Livepeer (LPT) tokens can be found on a growing number of crypto-exchanges, which means that more platforms are launching trading pairs that enable the purchase of the cryptocurrency.

Also, Available Below Exchanges.

Who Are the Founders of Livepeer?

LPT is an open source platform that any developer can freely use on GitHub. LPT Inc is the original company behind the Livepeer platform.

Livepeer (LPT) Inc was founded by Doug Petkanics and Eric Tang.

Doug Petkanics

In 2006, Doug Petkanics graduated from the University of Pennsylvania with a bachelor’s degree in computer science. Since then, he has partnered with names like Groupon and Hyperpublic. In 2010, he founded the startup firm Hyperpublic, which Groupon acquired shortly afterward. Petkanics founded Wildcard, a website publishing platform, and a web browser in 2013. Since 2016, he has been at the center of design for Livepeer.

Eric Tang

Eric Tang obtained a degree in electrical and computer engineering from Carnegie Mellon University. In 2008, he joined Next Jump as a software developer, and in the new year of 2010 he became a product manager for Clickable. Two years later, in November 2010, he teamed up with Doug Petkanics and co-founded Hyperpublic. Since that time, the duo has been combined on the job at Wildcard and continues on to work on Livepeer.

Conclusion

Livepeer is a project that is trying to decentralize the video streaming industry. It is a work in progress, but has the potential to change how we view and consume video content. For now, it is important to keep an eye on this project and see how it develops.