With the age of the Spectacle, video streaming has captured the minds of millions. Couple this innovation with the advent of blockchain technology and you get a new innovation of decentralized streaming. Web3 is believed to be the future of networking. And, keeping the vestiges of the old alive, the Livepeer project aims to deliver such a kind of live streaming project that if fully decentralized, highly scalable, and crypto-token incentivized. It aims to become the alternative centralized broadcasting. The plan is to enable a full decentralized P2P solution, where nodes contribute their own computation and bandwidth in service of streaming live video which would be more open and scalable, as there would be no limit to the number of connections that could be served.
Livepeer technology plans to make its system according to the following steps:
- The video is captured from any recording device.
- The video will then be encoded into the common playable format through running within the network of the protocol. The users that are controlling the nodes shall be encouraged by being awarded fees paid by the broadcaster in ETH, and this will also allow them the chance to build their reputation through the protocol token to earn the right to perform more work in the future.
- The stream can be viewed by any user on request, and it is to be distributed to them in the near real-time.
The Livepeer Token (LPT) is the protocol token of the network. But it isn’t the medium of an exchange token. Ethereum’s ETH is to be used by broadcasters to display their videos on the network. Nodes aiding with processing and bandwidth earn ETH in the form of fees from broadcasters. But the LPT is a staking token. The participants who want to perform work on the network stake LPT in order to coordinate and manage how different videos are to be distributed on the network, and to provide security that the work will get done honestly and correctly.
Price Movement (LPT)
At the time of writing of this article, the LPT is valued at $74.39, an 83.95% increase over the previous day with day low being $39.11 and the highest being $83.88. It also had an increase in the volume of trading of 862.50% with currently $1.068 billion. It is pertinent to mention that there are 22 million LPTs currently in supply and this is a big reason for such a high price for the coin. The all-time value of Bitcoin has a lot to do with this boost.