Livepeer (LPT) functions as a decentralized live video streaming network protocol and infrastructure. It entered the market intending to empower Dapp developers, entertainers, and streaming service hosts to unlock communications, economic opportunity, and entertainment for society moving forward. To accomplish this task, the platform integrates an Ethereum-based protocol and a network of Video Nodes.
Livepeer continues to see support from the crypto and video sectors. The network has grown to be a popular option since its launch in 2017. Currently, Livepeer has +70,000 GPU nodes in operation. Additionally, +12 million LPT tokens are staked in network smart contracts. These numbers saw an increase alongside the entire industry as Covid-19 quarantines across the world drove the demand for streaming services up considerably.
History of Livepeer (LPT)
Livepeer (LPT) entered the market in 2017. Since that time, the network has grown. In July 2020, the firm secured $20 million in funding to further expand its network and features. Specifically, the developers stated these funds are to be used on expanding video infrastructure, accelerating the growth of minutes streamed on the network, and strengthening partnerships with other web3 projects.
What Problems Does Livepeer (LPT) Attempt to Fix?
There are multiple problems that Livepeer (LPT) attempts to rectify in the market. For one, the platform is designed to provide an alternative to the large centralized video hosting services in operation today such as AWS, GCP, and Azure. By providing a decentralized infrastructure for developers that is both secure and responsive, Livepeer seeks to provide a more free and democratic option to the market.
Censorship
Censorship is another problem that has been born out of the extreme centralization of video streaming services. Platforms like YouTube dominate the industry and can dictate prices, advertising schedules, and particular narratives at will.
Sadly, these networks have repeatedly encroached on users’ freedoms and will continue to do so until they are knocked out of the top spots. The growing censorship taking place on these networks is a litmus test demonstrating why it’s vital to have alternatives. Livepeer (LPT) enables users to get their voices heard through the power of decentralization.
Last-Mile Issues
“Last mile” issues is a term used by professionals to describe the degradation of service as it is sent further from the broadcast center. Today’s high demand for HD-quality video streaming has made these issues even more relevant. The open video streaming infrastructure provided by Livepeer harnesses underutilized resources like compute and bandwidth and combines them with the advantages of blockchain technology.
Unlike traditional video streaming services that lose signal strength as more viewers join, the Livepeer network gets faster as more nodes participate. Every node helps to further decentralize the network making it more secure as well.
High fees
By leveraging GPUs from users across the globe, Livepeer (LPT) can provide HD quality streaming services in a cost-efficient manner. Lowering the cost of broadcasting and streaming will enable more opportunities for technological advancements in the sector. It will also improve profit margins for content creators. As of late, content creators have been repeatedly bullied by large streaming services. Livepeer seeks to end this mistreatment.
Security Breaches
The development team behind Livepeer (LPT) went to great lengths to ensure the network remains secure for the foreseeable future. For one, the entire platform is open-source. Anyone can review the project’s source code to ensure that everything is correct. Notably, the code has already been vetted by the Ethereum community on multiple occasions.
Benefits of Livepeer (LPT)
There are a lot of benefits gained when you join Livepeer (LPT). For one, since the network is Ethereum-based, you enjoy a high amount of interoperability in the market. For example, you can store your tokens in any ERC-20 wallet and trade tokens on popular DEXs (decentralized exchanges) such as Uniswap.
Passive Income
Livepeer enables users to stake their LPT tokens and earn passive rewards. Staking is the process of locking your tokens into a smart contract on the network. In exchange, you receive rewards based on the number of tokens you staked and the time. Notably, staking is one of the most popular options in the DeFi sector because it provides more consistent ROIs than trading. You don’t need to learn strategies or market conditions to profit from staking.
Developer support
Livepeer (LPT) provides its community with multiple ways to join the network. Developers gain access to valuable tools to create robust Dapps. The developer support section includes guides, tools, resources, and more. You can also connect Livepeer to your third-party applications securely utilizing the network APIs.
How Does Livepeer (LPT) Work
Livepeer (LPT) combines video transcoding work throughout its decentralized network of nodes to provide lightning-fast streaming and secure broadcasting capabilities. The technical structure of the platform enabled developers to reduce the costs of hosting streaming video in apps and more.
Video Miners
One of the core components of Livepeer (LPT) is Video Nodes. These nodes are tasked with transcoding video using their GPUs. Video Nodes receive rewards in the form of ETH and LPT tokens for their efforts. The larger the video you process and the more rewards you earn. This approach provides more scalability and reduces the “last mile” issues encountered by centralized systems.
LPT
LPT is an ERC-20 token that lives on the Ethereum blockchain. It enables users to interact with all of the features and services of Livepeer. Users can use LPT to send value globally. You also receive rewards in LPT and stake the token. The developers set a max supply of 22,906,951 LPT tokens slated for issuance throughout the life of the project. You can find LPT token pools on Uniswap and other ERC-20 compatible DEXs.
Bottom Line
Livepeer (LPT) is a powerful tool for those seeking a more cost-efficient and secure streaming service. The network continues to see growing adoption due to its unique features and expanding network. You can expect to hear a lot more from this platform as more streamers seek out censorship-resistant options in the market.
