What is Livepeer?

Livepeer (LPT) is a protocol for live video streaming that was launched in 2017. It aims to provide an alternative to centralized broadcasting solutions for both new and existing broadcaster companies. The platform enables producers to submit their work, which is then reformatted and distributed to users and streaming platforms. Livepeer is an open-source protocol, allowing developers to contribute to the underlying code. The platform is built on the Ethereum blockchain and uses a modified version of a delegated proof-of-stake (DPoS) consensus mechanism. The Livepeer token (LPT) is the protocol token of the Livepeer network.

How does Livepeer work?

Livepeer operates by enabling producers to submit their work on the platform, which then takes care of reformatting and distributing the content to users and streaming platforms. The platform utilizes a modified version of a delegated proof-of-stake (DPoS) consensus mechanism, which means there is no mining involved. Instead, the validation of new blocks on the blockchain is based on the number of coins staked. This system is more ecologically conscious and easily scalable compared to proof-of-work mechanisms. Livepeer also benefits from the extensive DApp universe established by the Ethereum blockchain, which further enhances the usability of the network.

What are the potential use cases for Livepeer?

Livepeer aims to bring changes to the broadcasting industry by leveraging blockchain technology. The platform offers opportunities for pay-as-you-go content consumption, auto-scaling social video services, uncensorable live journalism, and video-enabled DApps. It aims to transform the live video streaming process by allowing users to benefit from decentralized computing power and crypto-economic rewards for participation. The platform's open-source nature allows users and developers to contribute to the management and improvement of the platform.

What is the history of Livepeer?

Livepeer was founded by Doug Petkanics and Eric Tang. Petkanics graduated with a degree in computer science from the University of Pennsylvania in 2006 and has been part of several big names like Groupon and Wildcard. Tang graduated with a degree in electrical and computer engineering from Carnegie Mellon University. The duo has worked together on several projects, including Hyperpublic and Wildcard, before founding Livepeer. The platform was launched in 2017 with the aim of potentially introducing decentralization to the rapidly growing live video streaming and broadcasting industry.