What is Livepeer (LPT)? How Does It Works?
Livepeer is a decentralized live video streaming network protocol. Livepeer, an open-source protocol that developers can contribute freely, states that it is the first project to provide a decentralized live video streaming protocol. LPT is the native token of the Livepeer protocol created on the Ethereum blockchain. In this article, you can find answers to the questions of what is Livepeer (LPT), how does Livepeer (LPT) work, how to get Livepeer (LPT) and how to trade LPT/TRY and LPT/USDT trading pairs.
What is Livepeer (LPT)?
Livepeer was introduced in March 2017 by Doug Petkanics and Eric Tang. Livepeer is an open-source protocol on GitHub where developers can freely contribute to core code. On the other hand, Livepeer Inc., co-founded by Petkanics and Tang, is the legal entity behind the project.
Livepeer was developed as a decentralized live video streaming protocol. The documents, which include the introduction and technical details of the project, claims that they aim blockchain-based and more efficient alternative to the existing centralized broadcasting platforms. Besides, they believe that they will also bring solutions for content producers, publishing companies, and organizations that provide live broadcasting and video streaming. According to the document, the project’s starting points are the growth of the content producer economy in recent years and a decentralized alternative proposal that will ensure the smooth delivery of video content to the end user.
LPT is the ERC-20-based native token of the Livepeer protocol. LPT secures users’ actions on Livepeer, encourages participation, and offers ownership.
How Livepeer (LPT) Works?
The Livepeer protocol also includes format operations such as taking the raw video file, scaling it according to the screen sizes used by the viewers, and converting it to the most appropriate state according to the internet speeds of the users. It offers an infrastructure that can be used by anyone who needs video integration in Livepeer applications or products. It is stated that Livepeer has processed more than 100 million minutes of video since its launch in 2017.
As stated in Livepeer’s whitepaper, major infrastructure components include the Livepeer Protocol, the Go-Livepeer node, and the Livepeer Media Server (LPMS). The protocol hosts an Ethereum-based smart contract for nodes and payment mechanisms that enable services to be registered. Livepeer Media Server (LPMS) is an open-source media server that hosts video capture protocols, format conversion, streaming, and playback. Go-Livepeer is a structure that allows the protocol to communicate with the blockchain.
Livepeer is built on the Ethereum blockchain and uses a modified version of the DPoS consensus mechanism. There is no mining in the DPoS mechanism. Instead, the verification of new blocks on the blockchain happens based on the number of tokens staked.
LPT is an inflationary coin, meaning its maximum supply is not limited.
How do you store Livepeer (LPT)?
Livepeer’s native token, LPT, is built on the Ethereum blockchain. You can store and manage LPT balances using a desktop, mobile or hardware wallet that supports ERC-20 based Ethereum assets as well as store in your BtcTurk | PRO account.
How do you trade Livepeer (LPT)?
You can use the BtcTurk | PRO website or mobile app to buy and sell Livepeer (LPT) using Turkish Lira or Tether. If you’re not a BtcTurk member yet, you can become a member now on our website or mobile app. You can purchase Livepeer (LPT) by depositing Turkish Lira — a service available 24/7 if you use one of BtcTurk’s seven contracted banks.
