How Livepeer uses 3Box profiles to humanize the staking experience
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Livepeer has integrated 3Box profiles into their explorer application, which provides an interface for users to stake Livepeer tokens (LPT) to orchestrators on the network, in order to build trust between stakers and orchestrators and improve the overall user experience.
The Problem
The Livepeer protocol is built on a staking system where LPT token holders stake their LPT tokens to orchestrators (alternatively called transcoders) who perform work by transcoding videos on the network. Before using 3Box for user profiles, token holders were staking tokens on anonymous hex addresses without much context as to who they are.
To get around this issue, Livepeer was temporarily using out-of-platform communication on Discord for orchestrators to identify themselves. However this experience was less than ideal since stakers would need to leave the explorer and head to a centralized system to discover the identity of orchestrators. This created a lot of friction in the experience of participating in the Livepeer network.
The Solution
3Box profiles provided an elegant solution to this orchestrator identity problem by allowing orchestrators to identify themselves within the context of the Livepeer explorer application, directly in the browser. Now instead of appearing on the Livepeer platform as an anonymous hex address, orchestrators could present a rich identity complete with a name, image, description, and website/URL. In turn, this rich identity makes users feel more comfortable staking with a given service.
3Box also provided the functionality to link multiple Ethereum accounts to the same profile, which turned out to be a requirement for some orchestrators. This was needed in the case that the orchestrator did not want to export their transcoding account pneumonic from the secure environment that they had set up for transcoding. Multi-account linking functionality allowed the orchestrator to create a new account in their browser wallet, such as MetaMask, use that to sign in to the explorer application and create a profile for their account, then link their secure transcoding account to that 3Box profile.
Visit the Livepeer Explorer
To experience 3Box profiles in a staking interface, check out the Livepeer Explorer.
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