What Is Livepeer?

Livepeer LPT is a decentralized video transcoding network built on the Ethereum blockchain. The protocol enables cost-efficient broadcasting and streaming services natively in the video layer of the Web 3.0 stack. Livepeer is a delegated stake based protocol for incentivizing participants in a live video broadcast network in a game-theoretically secure way which offers solutions for the scalable verification of decentralized work, as well as the prevention of useless work in an attempt to game the token allocations in an inflationary system.The Livepeer Token (LPT) is the protocol token of the Livepeer network. But it is not the medium of exchange tokens. Broadcasters use Ethereum's Ether (ETH) to broadcast video on the network. Nodes who contribute processing and bandwidth earn ETH in the form of fees from broadcasters. LPT is a staking token that participants who want to perform work on the network stake in order to coordinate how work gets distributed on the network, and to provide security that the work will get done honestly and correctly. LPT is essentially serving as a coordination mechanism.It is a unit of account that is specific to the Livepeer ecosystem, which forms the basis of a SectorCoin concept, applicable to additional functionality to be introduced in the future. Services such as DVR, closed captioning, ad insertion/monetization, and analytics can all plug into the Livepeer ecosystem and potentially make use of the security provided by staking LPT.