Livepeer is a project created in 2017 that aims to decentralize live video broadcast over the internet by using open source software, underutilized resources, and crypto incentives.This project incentivizes users to contribute computation and bandwidth towards live video broadcast, and the cost to the broadcaster to use the Livepeer network could be cheaper than any centralized solution.
Livepeer uses a two-layer consensus system. The first layer is the underlying blockchain, such as Ethereum, which secures the LPT ledger and transactions. The second layer of consensus governs the distribution of newly generated LPT. It is based on Delegated Proof of Stake (DPOS). Transcoders play the role of validators in the network. Any user can delegate their stake towards a transcoder, who plays a critical role in the network and is responsible for converting input streams into different formats for low latency distribution. The protocol ensures that transcoders behave honestly and provides incentives for delegators to choose reliable transcoders.
LPT does not have a total supply. Its circulating supply is 27,458,449.
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