What is Livepeer?
Livepeer is a fully decentralized service, based on Ethereum blockchain, designed to minimize infrastructure support costs for open-source live streaming video applications. The platform is scalable and serves as a service for developers wishing to incorporate live video into their project. In doing so, the platform aims to improve the reliability of video workflows and reduce scalability costs. For application developers, streaming video is expensive. It is one type of hidden cost that consumers may not directly see or understand, but these costs can be passed on to them in the form of service fees, increased advertising or the sale of their data. By minimizing these costs through distributed computing, Livepeer can shape new types of applications and business models based on video. At the same time, users can provide their computing power and be rewarded for it.
LPT is a service token for the Livepeer platform, ERC-20. The LPT token is used to provide coordination and incentives to participants, ensuring that the platform operates smoothly and benefits all participants in the process. The token rewards its users for participating to ensure that the network is as accessible, secure, and efficient as possible.