Livepeer is designed as the world’s first decentralized video architecture — and the Livepeer token (LPT) is the engine that drives it. LPT is an ERC-20 token whose role in the Livepeer network is to provide security, assign work, and incentivize active participation in the various roles required for the provision of the best possible service to our users.
Before we dig into the detail, a few quick words on what that service entails.
Empowering disruptive video visionaries The $70 billion streaming industry — already strong before 2020 — has accelerated over the past year as the pandemic shut down…
Streaming video has seen tremendous growth over the past decade, and now makes up the majority of Internet traffic. But as more and more creators have attempted to find success with streaming, they have run head-first into important challenges that make it difficult to reap meaningful benefits from traditional video streaming economics. Livepeer enables developers to rethink and rebuild the streaming economy. They can use blockchain technology to empower creators while still delivering industry-leading reliability and quality. In the past year, we have made great progress on our journey toward that goal.
Stream on
Online video has never been bigger. The most popular platforms — YouTube, TikTok, Instagram — are ubiquitous, and their cultural and economic dominance continues to grow. The past year has seen an explosion in “remote” activity conducted via streaming video feed. Government-mandated lockdowns aimed at halting the spread of the coronavirus kept people inside for weeks at a time, where they were forced to turn to technology for school and social interaction, for medical consultations and meetings, for political conventions and pastry baking tips. Young digital natives now watch TikTok as much as they watch television.
In 2017 and 2018 the initial Livepeer project roadmap was laid out, largely through two posts: the Livepeer Network Phases which communicated a series of protocol upgrade milestones, and Livepeer’s Path to Decentralization which shared a vision for progressive decentralization across network stake, technology, and governance. Here we are years later, and through some lenses much of these roadmaps have been accomplished, demonstrated by a useful video infrastructure network powering streaming applications at scale, with a widely distributed user and LPT ownership base. Some verticals of the roadmap are a work in progress, such as the evolving governance structure and…
LPT, the Livepeer token, is now available on OKEx, a major cryptocurrency exchange with a significant presence in Asia as well as other regions of the world. Founded in 2017, OKEx currently sees daily trading volumes of over US$7.5 billion.
“We are excited that people can now get LPT on OKEx,” said Doug Petkanics, Livepeer’s Founder and CEO. “Particularly in Asia, this listing will make a significant impact in expanding people’s access to LPT and to participation in the building of web3 video infrastructure more broadly.”
People can acquire LPT on OKEx and stake it, giving them the right to…
While much of the world’s economy slowed to a crawl last year, the disruptions of the Covid-19 pandemic seemed, if anything, to hasten the rise of Web3 — a new epoch in the evolution of the internet, with the potential to change everything from how we invest to how we create.
And the growth of Web3 is starting to grab mainstream headlines. The art world took notice when a masked man set fire to an original Banksy work and then sold it in digital form for a cool $380,000. …
Co-locating decentralized video transcoding with decentralized storage
We are excited to announce that Livepeer is launching a co-mining pilot with Filecoin to enable Filecoin miners to become Livepeer video miners while continuing to mine on the Filecoin network by storing transcoded video data.
Today, Livepeer video miners serve as the backbone of a decentralized video transcoding network that allows developers to build scalable video applications and Filecoin miners serve as the backbone of a decentralized storage network that allows anyone to securely store and interact with data. …
One of the challenges that open protocols built on blockchain technologies face are how to best demonstrate their usage and adoption. Projects are often compared by abstract concepts like number of transactions, total value locked, amount staked, number of token holders, or even token price — all of which allow arbitrary comparisons between projects, but none of which tells the full story of real adoption. The Livepeer community has always built with practicality in mind, trying to deliver a network which is useful to video developers building streaming applications. …
Livepeer’s video streaming infrastructure requires a global network of node operators contributing their compute and bandwidth to video encoding tasks. A grant proposal was recently approved to run an experimental bonus LPT incentive program that rewards node operators who perform well on the performance leaderboard. It’s targeting node operators running setups that can transcode video faster than realtime on the Livepeer network, which likely means those with GPUs. This program will reward 21,000 LPT over the next three weeks to node operators.
What do you need to know to participate?
- Run an orchestrator/transcoder node on the Livepeer network.
- Score at…
The Livepeer explorer now includes a performance leaderboard for node operators. Check it out, and learn more about it in this post and the FAQ.
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One of the most critical things for the Livepeer community to address in the coming months is to ensure that there’s better alignment between those doing useful video transcoding work on the network, and the rewards that are earned through protocol token rewards and fees. …
