What is Livepeer?
Livepeer is a decentralized network protocol and infrastructure that enables live video streaming. It uses an Ethereum-based protocol and a network of video nodes to deliver a fully decentralized, cost-effective, and highly scalable streaming solution. The platform's native token, LPT, is an ERC-20 token that is used for protocol incentivization, staking, governance, and dual mining.
The Livepeer project was launched in March 2017 by entrepreneurs Doug Petkanics and Eric Tang, with the goal of creating a decentralized live video streaming network that is less expensive and more scalable than traditional centralized options. Initially, the platform was used primarily for crypto-community events, but over time it has grown to include larger-scale applications that use Livepeer for tens or hundreds of concurrent video feeds.
Token holders in Livepeer stake LPT in order to delegate or operate nodes, which contribute their computation and bandwidth to video transcoding. In return, they earn fees paid in ETH by platforms that use the video infrastructure for their applications. The initial distribution of LPT tokens was completed on October 2, 2018, with a total of 6,343,700 LPT distributed.
Livepeer has seen significant growth in recent years, with a successful series B funding round in July 2021, and a further raise in January 2022. The network's vision is to be the primary infrastructure for the growing $70 billion streaming industry, and also to serve as critical infrastructure for the next wave of crypto-enabled ownership economy applications.
The platform's technical structure allows developers to reduce the costs of hosting streaming video in their applications. Video nodes are a key component of Livepeer and are rewarded with ETH and LPT tokens for their contributions to transcoding video using their GPUs. The larger the video processed, the more incentives received, allowing for greater scalability and reducing centralization concerns.
Overall, Livepeer aims to democratize the live video streaming industry by cutting out middlemen and enabling direct connections between creators and their audience. By leveraging blockchain technology and a decentralized network, it aims to provide a more efficient, cost-effective, and secure solution for live video streaming.
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