The $70 billion live streaming market has expanded rapidly in recent years. However, channels that are just starting to compete with established platforms (such as YouTube) often struggle with the large fees for the centralized service required to create and distribute high-quality content.
Livepeer was born to solve this problem. Accordingly, the video streaming industry could be set to become decentralized, thanks to new technology that cuts costs while enabling many exciting new use cases.
What is Livepeer?
Livepeer is an Ethereum-based decentralized video streaming infrastructure that allows developers to bring their ideas to life at a reasonable cost. It is designed to provide an open source video streaming infrastructure that anyone can use to deliver videos to an audience while not having to pay high platform fees or have limited features like centralized broadcasting solutions.
How to use Livepeer?
Livepeer’s technology platform can be applied to a wide range of use cases, including video-enabled decentralized applications, pay-as-you-go streaming platforms, no-nonsense live journalism solutions through censorship and blockchain-powered digital conferencing.
The platform has a native utility token called Livepeer Token (LPT). LPT is part of the DPoS security system on Livepeer, in which users delegate their stakes to validators. These validators participate in video transcoding and receive network rewards. On the other hand, those who do not perform their duties properly can be punished.
Livepeer was founded in 2017 by longtime collaborators such as Doug Petkanics and Eric Tang, both enterprise software engineers committed to building quality protocols. In 2010, Doug and Eric founded Hyperpublic, an open database and API of local data from around the world. They also contributed as technical lead on this project. Hyperpublic was subsequently acquired by the jointly acquired e-commerce platform Groupon within two years of its founding.
With a passion for crypto from the very beginning, they built two Ethereum-based protocols in 2016: Auction House, a decentralized end-to-end application for selling non-fungible assets. (before NFT) and TAP, a protocol designed to increase security and transparency in Ethereum transactions.
Realizing the growth of streaming video had the potential to democratize content creation, Doug and Eric then devised a way to use decentralization to help app developers build choice. alternative to the closed platforms that dominate the video streaming industry today. That vision has given us the Livepeer platform we are today.
How does Livepeer work?
One of the most important and costly parts of traditional video delivery infrastructure is adaptive bitrate transcoding – reformatting unedited video to ensure an optimal viewing experience on any device at any network speed. Livepeer claims that the platform’s decentralized structure allows transcoding at a cost 50 times lower than those offered by mainstream vendors.
The network is made up of tens of thousands of node operators – called “moderators” on the Livepeer network. They provide computing power in exchange for fees from broadcast channels as well as rewards in the form of Livepeer LPT native tokens. Moderators compete for work and the backing of “authorizers” on Livepeer. An authorizer is someone who pledges their token to the best performer to get a share of the incentives.
In addition to providing computing power to the network, Livepeer nodes are responsible for processing videos into a variety of formats and bit rates, delivering them to broadcast channels. On the other hand, the broadcast channel and relay node are responsible for distributing content to end users through decentralized applications and web applications.
The platform is secured with a DPoS system, which prevents potential attacks (such as consensus attacks and chain reorganization) by requiring all nodes involved in the security of the network to maintain honest behavior. and will be fined if there is harmful activity.
What stage of development is Livepeer in?
As of July 2021, Livepeer has been running on the Ethereum mainnet for more than 3 years. The platform recently revealed its roadmap for 2021 and beyond. Key goals include incorporating a layer 2 scaling solution to solve Ethereum’s high transaction fees problem, enhancing streaming with object recognition, song title detection (along with others) tools. others) and improve on-chain governance.
What makes Livepeer unique?
Livepeer is the world’s first decentralized video streaming infrastructure. Unlike other platforms in the space, Livepeer is not viewer-oriented and has no plans to do so. The entire focus of the team is on providing streaming app developers with the robust and reliable infrastructure they need to ensure the best customer experience.
Livepeer’s protocol and tokenomics (token economy) are designed to incentivize participation through node operations or by staking, making the infrastructure secure and reliable. The network already has over 70,000 active contributor GPUs, enough power to encode all of the video in real-time across Twitch, Facebook, and YouTube combined.
Additionally, Livepeer has seen the continued growth of one key usage metric: the volume of transcoded unprocessed video in a week. In the seven days ending June 12, 2021, Livepeer node operators processed a record 2.3 million minutes of video, a sixfold increase from the beginning of 2021.
Moreover, with the goal of becoming the best infrastructure in the industry, Livepeer is also developing a lot of other video processing tools that are considered valuable to the broadcast channel, such as object recognition, broadcast show song title. Their ultimate goal is to provide full tools for video streaming application developers in a decentralized, democratized and affordable way.
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