What is Livepeer?
Livepeer is an Ethereum-based decentralized network that allows low-cost broadcasting and streaming services in the Web 3.0 stack video layer. It is managed by transcoding tasks' distribution among the users who provide their computer's processing power to the network. They are called orchestrators or video miners. For the implemented work orchestrators receive payments in cryptocurrency. Livepeer was founded in 2017 by Doug Petkanics and Eric Tang. The platform has its native token LPT, which is a staking unit. Users who want to carry out work on the platform stake LPT. This way the coordination of the work distribution and security that it will be done is arranged. Users who stake tokens to ensure liquidity are called delegators. For video broadcasts customers use Ether. Livepeer isn't a consumer-facing video network such as Youtube. It is a behind-the-scenes performer, which mission is to provide solutions for app creators. According to the company, the platform can decrease costs up to 50% in comparison with the centralized solutions of video transcoding.