Livepeer is a decentralized network for video streaming built on Ethereum, offering efficient solutions for transforming video content.
What is Livepeer?
Livepeer was founded in 2017 by Doug Petkanics and Eric Tang. It is a decentralized network designed to be a layer for real-time video transcoding and on-demand processing, unlike traditional platforms such as YouTube.
How does Livepeer work?
Livepeer operates via a network of Orchestrators — participants providing their computing resources for transcoding requests. These contributors, referred to as 'video miners,' receive cryptocurrency-based payments. Developers using Livepeer pay for transcoding services in LPT.
Role of the LPT Token
The LPT token is a multi-utility ERC-20 token that ensures the smooth operations of the network. It is used to pay fees for broadcasting and creates incentives for participants. LPT holders can stake tokens for passive income.
Livepeer offers a decentralized and cost-effective solution for video streaming, reshaping how video content is processed and delivered, highlighting its potential to become a key player in the video broadcasting industry.
