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What is Livepeer?
Livepeer is an open video infrastructure that allows developers to build video streaming applications. The network has been running on the Ethereum mainnet since May 2018, run by a decentralized network of token-holding node operators. Livepeer is designed to provide an open source video streaming infrastructure that anyone can use to deliver video media to their audience without high or limited platform fees. mode features.
How Livepeer works
Livepeer relies on “controllers” to handle transcoding requests from application developers as needed. These individuals trade their computing resources — CPU and GPU power, along with bandwidth — in exchange for fees paid in cryptocurrency. Livepeer also calls these users “video miners,” in the parlance of the miner used for block generation on many other blockchain platforms (like Bitcoin).
Developers use the Livepeer network to power the video application, and they pay LPT (Livepeer’s token) for transcoding and distribution services. In addition, LPT holders can staking LPT coins thereby earning a reward for participating in the network without directly participating in the tokenization process..
The Livepeer project team is quite young, but has many years of experience and degrees in software engineering. The most prominent are Doug Petkanics and Eric Tang, the founders of the Livepeer project.
Doug Petkanics is currently Founder at Livepeer. Previously, he was the Founder and Technical VP of Wildcard and Hyperpublic, only Hyperpublic was acquired by Groupon in February 2012, he holds a Computer Science degree from the University of Pennsylvania.
Eric Tang took the position of Co-Founder and CTO at Livepeer, formerly, Eric was also Co-Founder of Wildcard Inc and Hyperpublic (later acquired by Groupon). Eric holds a BA in Electrical and Computer Engineering, Computer Science, and Business Administration from Carnegie Mellon University.
Livepeer’s key technologies include Livepeer Protocol, a Go-Livepeer node, and a Livepeer Media Server (LPMS). The protocol is implemented as a set of Ethereum smart contracts written in Solidity language, serving the function of creating an open market for node operators who subscribe to their services, the payment layer through the mechanism. probabilistic micropayments, a protocol that uses delegated stake to secure and evaluate the quality of operations on the network, and a governance mechanism for voting and implementing protocol upgrades.
Livepeer Media Server
LPMS is an open source media server that handles all the video: main service, internal protocol, transcoding logic, streaming and playback logic, etc. Live video and audio need to be transcoded in order to be available. consumable on different types of devices, each with its own bandwidth and format requirements while centralized market services are often available but can be quite expensive. Livepeer Media Server is an open source version that can be used as a standalone component, but also as a core component of the Livepeer Network.
The go-livepeer implementation helps the protocol connect to the blockchain and embed LPMS to handle video streaming, transcoding, and streaming functionality.
There are currently nearly 100 additional project repositories for this core technology including frontend applications for staking and governance.
The platform is secured with a DPoS security system that is used to prevent many potential attacks – such as consensus attacks and chain re-boots – by requiring all associated nodes to Network security must be honest and nodes with malicious behavior will be removed.
Livepeer focuses on providing value to several stakeholder groups:
Existing GPU Miners can be used to earn additional revenue by transcoding Livepeer videos without disrupting earnings.
Video streaming platform
The platform reduces the $3/stream/hour cost that cloud providers charge 10-100 times cheaper on the Livepeer network.
LPT coin holders will provide security and QA on the network through staking and receive some profit.
Livepeer raised $20 million in funding to prepare for the next phase of growth, led by Digital Currency Group, which also includes Northzone, Coinbase Ventures, Coinfund, Mike Dudas’s Six Man Ventures and Warburg Serres…
Northzone, DCG and Coinfund also invested in the June 2019 fundraising, raising $8 million.
- Launch of Livepeer Protocol on Ethereum network.
- Upgrade features to ensure reliability.
- Distributing LPT codes.
- Updated Ethereum extension features.
- The community approves of decentralized governance.
- The streaming platform is crypto/blockchain hosted and allows the existing video industry to pay fiat to stream using the Livepeer network.
- Upgraded open market voting and verification.
- Advanced video involves “computational functionality”, including intelligent video (AI) tasks such as object recognition, speech-to-text, scene classification.
- Distributing P2P content.
The token pool will be distributed as follows:
- 12.35% for founders and initial team – amortized over 36 months from network launch.
- 19% for the Pre-sale round, paid in installments over 18 months from network launch.
- 63.437% to the community – paid in 3–18 months using the MerkleMine algorithm.
- 0.213% to a few early stage advisors and collaborators that made Livepeer a success.
- The remaining 5% is gradually used for the Livepeer project.
Where to buy LPT?
At the time of writing, the LPT coin is being listed on Binance, OKEx, ZBG, ZG.com and Hotcoin Global.
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