What Is Livepeer (LPT)?

Livepeer is an open and decentralized video platform. The framework of Livepeer enables developers to build video streaming applications effectively. In brief, Livepeer is an Ethereum-based protocol offering live video streaming services. It is an alternative to mainstream centralized broadcasting companies. Livepeer aims to make video streaming more cost-friendly and reliable.

According to the website, the Livepeer platform can reduce costs up to 50 times compared to other platforms. In addition, Livepeer is more scalable and resilient without single points of failure. That means developers have the freedom to scale up or down and manage content creator demand.

Therefore, Livepeer is a behind-the-scenes solution for app creators to transcode videos. Transcoding means converting videos from one format to another before playback on computers on the network. Users who transcode videos are known as orchestrators. Orchestrators lend their computers’ processing power to the network. Also, the first nodes are called broadcasters. Thus, the broadcasters send video streams for transcoding to orchestrators. Consequently, broadcasters are charged fees denominated in ether (ETH) for the transcoding work. Meanwhile, orchestrators receive rewards for their services.

The native token of the network is the Livepeer Token (LPT). LPT is used for rewarding, staking, trading, or participating in governance voting. Just like any other cryptocurrency, the demand for LPT is directly proportional to the network's usage. Further, orchestrators receive work in proportion to the amount of LPT they staked. Users who do not want to become orchestrators can stake their LPT tokens toward the transcoders. By doing so, LPT holders get a portion of the transcoders' rewards. They are also called delegators and chosen through voting. Their job is to keep the node running smoothly for transaction validation.

History of Livepeer (LPT)

Livepeer Inc. is the parent firm behind the Livepeer platform. Livepeer Inc was cofounded by Doug Petkanics and Eric Tang. Petkanics is the CEO of Livepeer. He graduated with a degree in computer science from the University of Pennsylvania. In 2010, he cofounded Hyperpublic, which was later acquired by Groupon. In 2013, Petkanics cofounded Wildcard, a web browser and a publishing platform. Since 2016, he has been working with Livepeer.

Eric Tang is a graduate of electrical and computer engineering from Carnegie Mellon University. He later worked as a software developer at Next Jump. In 2010, Tang teamed up with Petkanics and cofounded Hyperpublic. Since then, the two were together at Wildcard and then later at Livepeer.

Other key team members include Philipp Angele, the director of video product; Jen Wohlner, the senior product manager; lead software engineers Yondon Fu and Eli Mallon; product engineer Adam Soffer; and Angie Ramirez, the head of sales.

The genesis day of the token was December 13, 2018. The initial coin offering (ICO) was held from July 21, 2018, to October 2, 2018. Out of the initial total token supply, 63.43% was distributed to the public. 12.35% of the supply was allocated to the founders and early team members. 19% was intended for pre-sale purchases, and 5% was reserved for network development and maintenance.

 How Are New Livepeer Tokens (LPT) Created?

The Livepeer platform utilizes a modified version of delegated proof-of-stake (DPoS) consensus mechanism. Interestingly, there is no mining in a DPoS mechanism. Instead, the coins staked determine the validation of new blocks on the blockchain.

The DPoS makes Livepeer's consensus mechanism different from the one Bitcoin uses. Bitcoin's proof-of-work (PoW) mechanism is based on a large amount of computing power. In comparison, DPoS systems are more ecologically conscious and easily scalable. Livepeer also benefits from the extensive DApp universe established by the Ethereum blockchain, boosting the usability of the network.

How Many Livepeer Tokens (LPT) Are There?

The maximum supply of LPT is 22,906,951 LPTcoins. 

 How to Buy Livepeer (LPT)

You can buy Livepeer (LPT) on Coinbase's centralized exchange, the safest and most secure way to buy & trade cryptocurrency.