Livepeer is the first open source decentralized live video network protocol that developers can freely contribute to, and aims to be a more efficient alternative to centralized streaming platforms and solutions. Livepeer’s native cryptocurrency is LPT. In this article, we will look for answers to questions such as what is Livepeer (LPT), what does Livepeer (LPT) do, what are the advantages of Livepeer (LPT).
What is Livepeer (LPT)? What Does It Do?
Content creation is huge and the video publishing industry continues to expand, with a growing number of new creators every day. At this point, the needs arising in the sector need to be met. Livepeer welcomes users as an innovative project that aims to bring a new functioning to video broadcasting.
Livepeer is a decentralized video and live streaming platform running on the blockchain. It is built on the foundation that video content can be seamlessly integrated into applications. It aims to provide a free environment for content producers, broadcast companies and different organizations that provide live broadcasting and video streaming. It offers an efficient infrastructure for video processing and video conversion processes to take place in a much more functional way.
It also strives to be a more cost-effective solution and create a smoother structure compared to traditional channels. Thanks to its open source nature, developers can freely contribute to the project. In this way, the dynamic structure of the project is maintained and continues to evolve. As a result of all these efforts, it focuses on expanding the economy in the field of content production and delivering the video content produced to the end user in a healthier way. At this point, the first ones that come to mind as the biggest competitors are channels such as YouTube and Twitch .
The uses of LPT, the local cryptocurrency of the Livepeer platform, can be listed as ensuring security, distributing video processing tasks among network participants, and enabling participants to actively participate in various tasks in the network. Also, since Livepeer is a staking-based protocol, LPT plays an active role in rewarding users.
What Advantages Does Livepeer (LPT) Offer?
As a decentralized video processing platform, Livepeer provides the following advantages to reach a wider user base and provide a better video content experience.
Low Costs:
Livepeer offers video processing and distribution at lower costs compared to traditional centralized video processing services. It performs video processing on a shared network without the need for centralized servers, eliminating unnecessary intermediaries and operating costs.
High Efficiency:
Livepeer users can share computer resources to contribute processing power. This makes video processing more efficient and faster. The wider reach of the network is an important factor that increases efficiency.
Decentralized Structure:
Livepeer works without central authorities thanks to blockchain technology and smart contracts. This way of working allows Livepeer to offer a safe and censorship-resistant structure. It also enables a direct interaction between content providers and users.
Scalability:
Livepeer always remains scalable in the face of high demand. More participants can add to the processing power and capacity of the network. This enables large-scale video processing and distribution.
Fair Income Distribution:
Livepeer ensures a fair distribution of income between content providers and contributors. Contributors are rewarded in proportion to their contribution to the network and receive revenue based on transaction power.
Quality and Compliance:
Livepeer provides high quality video processing and distribution thanks to its advanced algorithms and standards. Content creators and their audiences can enjoy a high-quality video experience.
These advantages make Livepeer an alternative to traditional centralized video processing platforms. The platform creates a fair and secure video processing and distribution environment between content producers and viewers. This makes it easier for video content to reach large audiences.
How does Livepeer (LPT) work?
Since the devices used by each user will be different, the screen sizes will also vary. With Livepeer, videos are scaled according to the screen size used by each viewer. At the same time, the internet speeds that users have vary from person to person. At this point, Livepeer adjusts the video according to the internet speed of the users and presents it to the users in the most compatible way. Anyone who needs video integration in applications or products can get an infrastructure thanks to Livepeer.
Livepeer’s main infrastructure components include the Go-Livepeer node and the Livepeer Media Server (LPM). The registration of services by Livepeer is carried out by nodes and payment mechanisms, and Ethereum-based smart contracts are hosted for this binary. Video ingest protocols, format conversion, streaming and playback are hosted on the Livepeer Media Server (LPMS), an open source media server. The structure that keeps the protocol in touch with the blockchain is Go-Livepeer.
For transcoding, nodes called Broadcasters come into play first. These nodes send video streams to the network for transcoding. Video streams sent to the network are received by the CPU, GPU and bandwidth inclusions. These people are referred to as Orchestrators. Each orchestrator is responsible for ensuring that the video is encoded correctly. The video is sent to the Transcoder hardware which encodes and reformats the video before it is sent back to the orchestrators. Jobs are distributed to orchestrators in proportion to the amount of LPT invested. The Transcoders that do the work are usually GPUsthat mine digital currency. Transcoders also have video encoding ASICsthat sit idle during mining. Livepeer enables the use of these ASICs, allowing operators to generate additional revenue without disrupting their mining operations.
An LPT owner may not want to be involved in the project as an orchestrator or transcoder. In such a case, the LPTs held can be shared with someone who wants to become an orchestrator, and the orchestrators can share in the rewards.
Who are the Founders of Livepeer (LPT)?
Livepeer was founded in 2016 under the leadership of Doug Petkanics and Eric Tang and became operational in 2017.
Doug Petkanics is the co-founder and current CEO of Livepeer. Doug Petkanics graduated from the University of Pennsylvania with a degree in Computer Science and started his career as an analyst at Accenture. He was then an entrepreneur and software developer at Frogmetrics, where he co-founded and served as chief engineer for a data platform that organized the world’s local knowledge. Following this venture, he joined the technical team of Groupon. His last experience before Livepeer was co-founding and working as chief engineer at Wildcard, a native publishing platform and browser for the mobile web.
Eric Tang is co-founder and CTO of Livepeer. Eric Tang holds a Bachelor’s degree in Electrical and Computer Engineering from Carnegie Mellon University and a Master’s degree in Computer Science and Business Administration from the same university. He started his career as a software engineer at Next Jump, an e-commerce platform that offers privileges and discounts to corporate employees and a philanthropic social movement that aims to change the world by changing workplace culture. His next experience was as a software engineer and then product manager at Clickable, a social and search advertising company. He then became the head of the development team at Hyperpublic, a database and API company. After Hyperpublic was acquired by Groupon, he continued as a technical staff member. Following his experience there, he worked as a technical consultant at Transform Healt before co-founding and serving as CTO of Wildcard, a mobile card platform built for a mobile-centric and web-enabled world.
What Other Things to Know about Livepeer (LPT)?
To find out a little more about Livepeer (LPT), it is useful to look at the answers to some of the following questions.
Is LPT a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. LPT is a token because it does not have its own blockchain.
Which blockchain is the LPT token on?
The LPT token is on the Ethereum blockchain and is based on the ERC-20 standard.
Is LPT token mining done?
LPT is not mined. However, users can earn rewards by participating in staking transactions and processing videos.
How to buy LPT token?
To buy LPT tokens, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, other cryptocurrencies including LPT token can be traded quickly, easily and securely.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, first of all; Andorid users can download our application by clicking here, Apple users can download it by clicking here, HUAWEI users can download it by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.
