According to research, the global video streaming market was valued at $455.55 Billion in 2022. It is projected to grow to $1,902.68 Billion by 2030, indicating a significant rise in the number of netizens who enjoy video content. However, in this market, the dominant player is Youtube, which is centralized. This is where Livepeer comes into the picture. Livepeer processes your video content journey in a decentralized manner.
Livepeer – A Decentralized Video Streaming Protocol
Livepeer is a decentralized video streaming platform based on the Ethereum protocol. It decentralizes the video streaming process by distributing the transcoding process to a network of node operators. Transcoding converts raw videos for smooth playback on various devices and networks. It provides a secure, efficient, and affordable architecture by powering thousands of distributed nodes across the entire network.
The platform has various use cases besides video streaming, including video-enabled decentralized applications (dApps), pay-as-you-go streaming platforms, uncensorable live journalism solutions, and blockchain-powered digital conferences.
History of Livepeer
Livepeer was founded in 2017 by two software engineers, Doug Petkanics and Eric Tang. In 2010, Eric Tang teamed up with Doug Petkanics and co-founded Hyperpublic. Hyperpublic is an open database project and includes APIs of local data from all over the world. However, it was acquired by Groupon within two years of its establishment.
Fascinated by cryptocurrencies, the duo built two Ethereum projects, namely Auction House and TAP, in 2016. Auction House is a decentralized app (DApp) to sell non-fungible assets (NFTs). While the TAP protocol is designed to increase security and transparency in Ethereum transactions. Later, seeing the rise of video streaming and content creation they built Livepeer to disrupt the sector.
How Livepeer Works
Livepeer works by dividing the networks of nodes into two parties for transcoding the video streaming process. These two parties are called ‘orchestrators,’ who perform the transcoding process using video mining equipment or computer resources, and ‘delegators,’ who participate by delegating their LPT to the orchestrators.”
Livepeer Token (LPT)
The platform has its native multi-utility token known as Livepeer Token (LPT), which powers the whole ecosystem of Livepeer. Being an ERC-20 token, it is compatible with the Ethereum blockchain, and the details of each transaction can be viewed on Etherscan. According to Coin Market Cap (CMC), the token has a maximum supply of 22,906,951 and a total supply of 22,859,012.
Livepeer has designed a solution for content creators to make the complex process of video streaming easier and scalable. It can help Web3 projects and companies make their video services more scalable. The platform is idea for developers to transcode their videos with the help of an extensive network of node operators.
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