What is Livepeer
Livepeer provides an open-source decentralized video infrastructure for others to use.
They reduce the costs of video streaming by avoiding a central infrastructure and instead using a network of computers all around the world. That way, all the work required to transcode video is shared and distributed, which saves time and money!
The Problem Livepeer solves.
Streaming video on the internet is a huge deal but it’s not as easy as it sounds.
You have to make sure it’s prepared or transcoded, into all these different formats so it can be played on all these different devices. That takes a ton of expensive computing power, especially when you’re talking about live streaming.
80% of all internet bandwidth is taken up by video streaming!
The Livepeer Solution
That’s where Livepeer comes in. They’ve got an opensource software protocol that cuts down the costs of streaming video by using the combined computing power of over 70,000 computers (Dec’22) all around the world. And get this – they can reduce infrastructure costs by up to 50x. That’s huge!
So any developers looking to add live streaming or on-demand video to their application can use the Livepeer protocol for all their video needs.
Livepeer has a great explanation of their service here.
They also have a Founders Statement (a mix between the roadmap and the whitepaper) here.
Competition for Livepeer
There are a number of blockchain companies that are trying to create solutions in this space:
- Theta Labs
- The LPT is what you use to pay for video transcoding services and is earned by contributing computing resources to the network.
- The total supply of LPT tokens increases at a fixed rate over time, and the rate gets smaller over time to help maintain the value of the token.
- Not only can you use LPT to pay for video transcoding services, but you can also sell it on exchanges for other cryptocurrencies or even cold, hard cash.
The tokenomics of Livepeer are designed to reward people who really contribute to the network and help keep the value of the LPT token stable.
– By contributing your computing power to the Livepeer infrastructure you can earn LPT; known as Orchestrators within the Livepeer network.
– Staking LPT means you help in supporting and securing the network; known as Delegators within the Livepeer network.
– Both Orchestrators and Delegators will also be rewarded with new tokens in proportion to their current stake in relation to the total.
The Livepeer website explains more here: https://livepeer.org/primer
Previously co-founded Wildcard and Hyperpublic, and served as VP Engineering at both. Hyperpublic was acquired by Groupon in February 2012.
Past software development experience includes data focused architecture, agile development (Ruby/Rails, Python), mobile development (iPhone, Android), enterprise web applications, mission control software for the Department of Defense, modifications to the Bittorrent protocol, and contributions to the original XQuery implementation.
Investors / Partners
- Tiger Global; Alan Howard
- Digital Currency Group (DCG)
- Coinbase Ventures
- Coin Fund
- 6th Man Ventures; Mike Dudas
- Warberg Series
Livepeer has raised a total of $48 million to date (Jan 2022) and now has 32 employees.
References / FAQ’s
Q: How does Livepeer work?
A: Users can contribute their computing resources to the Livepeer network and in return, they earn tokens called Livepeer tokens (LPT). These tokens can be used to pay for video transcoding services or can be sold on exchanges for other cryptocurrencies or fiat currency.
Q: What is the Livepeer token (LPT)?
A: The Livepeer token (LPT) is the native cryptocurrency of the Livepeer network and is used as a medium of exchange on the network. It is used to pay for video transcoding services and can be bought and sold on exchanges.
Q: How is the supply of LPT tokens determined?
A: The supply of LPT tokens is limited and is determined by a fixed inflation rate. This means that the total supply of LPT tokens increases at a predetermined rate over time. The inflation rate is set to gradually decrease over time, which helps to maintain the value of the LPT token.
Q: Can I buy LPT tokens on exchanges?
A: Yes, LPT tokens can be bought and sold on exchanges such as Binance and Uniswap.
Q: What are the benefits of using Livepeer?
A: Livepeer offers several benefits, including low fees, fast transcoding speeds, and the ability to earn tokens by contributing to the network. It also offers a decentralized and transparent platform for video transcoding services.