Introduction
Livepeer is a new video streaming service that can save you up to 75% of your bandwidth costs.
Livepeer (LPT) was created in 2017 to create a decentralized live video streaming network protocol and infrastructure.
Livepeer (LPT) – A Decentralized Video Streaming Network
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 smart network contracts. These numbers saw an increase alongside the entire industry as Covid-19 quarantines worldwide drove the demand for streaming services up considerably.
What Problems Does Livepeer (LPT) Attempt to Fix?
There are multiple problems that Livepeer 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 accessible 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 infringed on users’ freedoms and will continue to do so until they are knocked out of the top spots. The growing censorship on these networks is a litmus test demonstrating why it’s vital to have alternatives. Livepeer 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. In addition, every node helps decentralize the network, further making it more secure.
High fees
By leveraging GPUs from users across the globe, Livepeer can provide HD quality streaming services cost-efficiently. 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.
Mine Crypto and Earn Using Livepeer
Security Breaches
The development team behind Livepeer went to great lengths to ensure the network remains secure for the foreseeable future. For one, the entire platform is open-source. As a result, 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. 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.
Earn Passive Income With Livepeer
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 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 combines video transcoding work throughout its decentralized network of nodes to provide lightning-fast streaming and secure broadcasting capabilities. In addition, the technical structure of the platform enabled developers to reduce the costs of hosting streaming video in apps and more.
Livepeer (LPT) Twitter
Video Miners
One of the core components of Livepeer is Video Nodes. These nodes are tasked with transcoding video using their GPUs. Video Nodes receive rewards in 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 project’s life. You can find LPT token pools on Uniswap and other ERC-20 compatible DEXs.
History of Livepeer (LPT)
Livepeer entered the market in 2017. Since that time, the network has grown. In July 2020, the firm secured $20 million in funding to expand its network and features further. Specifically, the developers stated these funds are to be used to expand video infrastructure, accelerate the growth of minutes streamed on the network, and strengthen partnerships with other web3 projects.
How to Buy Livepeer (LPT)
Livepeer (LPT) is available on the following exchanges:
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying LPT. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
Coinbase – A publicly traded exchange listed on the NASDAQ. They accept residents from 100+ countries including Australia, Canada, Singapore, UK & the United States (excluding Hawaii).
Gate.io – This exchange was established in 2013, and is one of the more reputable exchanges to buy LPT. They accept USA residents (excluding New York & Washington State).
Livepeer (LPT) – Next-Gen Video Streaming Available Today
Livepeer 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.
Disclaimer
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