Nov 14, 2021 07:05
LivePeer crypto is a video streaming infrastructure built on top of the Ethereum blockchain. It is solving the existential problem of reformatting videos. At present, platforms like YouTube host, store, and distribute videos. This results in a lot of bandwidth usage, 80%, to be precise. LivePeer uses excess computing power available over the Internet to distribute videos from broadcasters to consumers. Furthermore, its transcoding process makes video responsive as per the device. Thus, saving a lot of cost for broadcasters.
How LivePeer Works?
There are 3 types of stakeholders: (1) Broadcaster, (2) Orchestrators & (3) Transcoders. The broadcaster sends the video for transcoding over the network. Orchestrators receive the request. These orchestrators contribute their CPU, GPU, and bandwidth in exchange for fees. Upon receiving the request, they send it to transcoders(hardware). Orchestrators act as administrators to see the work quality is up to mark. They need to stake their LivePeer token for this role. If they act maliciously, their stakes get slashed.
For a second, you may have doubts about whether there are enough transcoders available. Mining infrastructure like ASICS is already in use to mine POW tokens. These machines can perform the transcoding process and earn extra on top of mining. In this way, even the ecosystem stays decentralized.
How does LPT Token Make the Ecosystem Reliable?
LPT is the native token of the LivePeer ecosystem streamlining coordination and rewards. As Orchestrators perform their duties well, they get LPT. Rounds execute every 24 hours on the ecosystem. During these rounds, new LPTs are minted. These LPTs drive the economy of the LivePeer system. Video broadcasters and streaming companies benefit from LivePeer since they do not have to pay huge fees to centralized servers or run ads and sell customer data for sustenance.
Will LivePeer Boom Any Further?
Institutional money is pouring in web 3.0 tokens. In the past, institutional money drove BTC to the moon. GrayScale, one of the key holders of crypto, wants to keep LivePeer as a portfolio. They have earmarked Grayscale Live Peer Trust. This could push the momentum for LivePeer. It has already gained 1,050% and & $70 billion online streaming market might reach $250 billion by 2025 would be looking for the best alternatives. LivePeer is the perfect fit for the industry to look at cost-effective solutions.
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