The open video infrastructure in Livepeer offers developers a great medium to create video streaming applications. The Livepeer network, which has been operational on Ethereum’s mainnet since May 2018, is managed by a decentralized network of token-holding node operators and powers both traditional and web3 video streaming at lower costs than existing cloud providers. Livepeer focuses on delivering value to a variety of stakeholders, including: GPU Cryptocurrency Miners – Existing GPU miners can earn extra money by transcoding video on Livepeer without interrupting their mining profits because existing GPUs feature video encoding processors that stay idle while hashing. Video streaming platforms – Reduce transcoding costs from cloud providers’ $3 per stream/hour to 10-100x lower over the open Livepeer network. Livepeer’s goal is to deliver scalable streaming without extensive DevOps. Token holders can receive a piece of the network’s profits and inflationary token awards for providing security and quality assurance on the network by staking their tokens. Working of Livepeer Users can engage in the following flow with the use of Livepeer technology and protocol: Send a video from your camera, phone, computer screen, or webcam to the Livepeer network. Nodes in the network will encode it into all of the required formats so that it may reach every supported device. Users who host these nodes will be rewarded with fees paid in ETH by the broadcaster and the ability to earn a reputation through the protocol token, which will allow them to conduct more work. The network can be requested by any user to see the stream, which will be sent to them in near real-time. The Livepeer Media Server, The Livepeer Protocol, the Go-Livepeer node, and are the three main technical components of Livepeer (LPMS). The protocol is a set of Ethereum smart contracts written in Solidity that provide a marketplace for node operators where they can register their services, a payments settlement layer via a delegated stake based protocol for securing and QA’ing network work, and a governance mechanism for voting on and executing protocol upgrades. Livepeer Media Server The LPMS is an open-source media server that takes care of everything video-related, including transcoding logic, streaming and playback logic, origin services, ingest protocols, etc. Transcoding live video and audio input streams are required to make them usable on various devices, each with its format and bandwidth requirements. There are centralized services available, but they are usually pricey. The Livepeer Media Server is open-source can be used independently and is an integral part of the Livepeer Network. Go-Livepeer The Livepeer node’s go-livepeer implementation enables the protocol, communicates with the blockchain, and includes LPMS to handle video broadcast, transcoding, and streaming or playback. Almost 100 additional repositories and projects complement this essential technology, including front-end applications for staking and governance, DevOps scripts for operating network nodes, and a hosted version of the broadcasting capabilities at livepeer.com. Tokenomics The native work token of Livepeer is LPT, which is used in the following functions: Protocol Incentivization: When users run a node or delegate to node operators on the platform, they can earn LPT tokens as a reward. Staking and node operation, both of which need LPT, are also ways for users to earn the fees paid in ETH. Staking: Users can stake LPT tokens to protect the network against assaults and earn LPT tokens as a reward. Governance: LPT token holders have the ability to propose and vote on network governance decisions. Dual Mining: Users who stake to run GPU-backed Livepeer nodes can also mine additional GPU-based cryptocurrencies at the same time without interrupting their transcoding. Token Distribution There was no token sale for the Livepeer initiative. Instead, the community was given an initial allocation of LPT at genesis, which could then be used to stake as a transcoder or delegator. A Merkle mining mechanism was utilized to generate and distribute tokens. Users produce LPT in this process by submitting a Merkle proof proving they were part of the genesis state, which means they had at least 0.1 ETH in their account at a given block number. Users could only submit their proofs and generate their tokens during the initial stage, which began on May 1, 2018, known as the slow start. On July 26, 2018, 3rd party mining became enabled, allowing users to submit proofs on behalf of other users who had yet to earn their token to share the remaining LPT. The tokens were divided between the user who submitted the proof (caller) and the person for whom the evidence was provided (receiver) based on an algorithm that raised the share awarded to the caller over time. On October 2, 2018, the genesis LPT was delivered, totalling 6,343,700 units. In addition to the 6,343,700 LPT distributed to the community, the founders and early team kept 1,235,000 LPT (vesting over 36 … Continued
The post All About Livepeer: Future of Video Streaming Services! appeared first on Cryptoknowmics-Crypto News and Media Platform.
- Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
- CryptoHawk. Altcoin Radar. Free Trial.
- Source: https://www.cryptoknowmics.com/news/all-about-livepeer-future-of-video-streaming-services/?utm_source=rss&utm_medium=rss&utm_campaign=all-about-livepeer-future-of-video-streaming-services
- "
- $3
- 000
- 100
- About
- Account
- addition
- Additional
- algorithm
- All
- allocation
- Allowing
- applications
- assurance
- audio
- available
- awarded
- awards
- began
- Block
- blockchain
- Caller
- capabilities
- care
- centralized
- Cloud
- community
- Complement
- computer
- computer screen
- contracts
- Costs
- could
- create
- cryptocurrencies
- cryptocurrency
- decentralized
- decentralized network
- decisions
- delivered
- delivering
- developers
- device
- Devices
- Display
- distributed
- distribution
- during
- Early
- earn
- essential
- etc
- ETH
- ethereum
- everything
- existing
- extensive
- Feature
- Fees
- First
- flow
- focuses
- following
- format
- founders
- functions
- future
- generate
- Genesis
- goal
- governance
- GPU
- great
- handle
- hashing
- holders
- hosted
- HTTPS
- implementation
- includes
- Including
- independently
- Infrastructure
- Initiative
- input
- IT
- July
- known
- layer
- managed
- marketplace
- means
- Media
- medium
- Miners
- Mining
- money
- more
- Near
- network
- news
- nodes
- number
- Offers
- open
- operating
- operation
- operators
- Other
- paid
- part
- party
- payments
- person
- piece
- platform
- Platforms
- process
- produce
- profits
- projects
- proof
- propose
- protect
- protocol
- protocols
- provide
- providing
- quality
- reach
- real-time
- receive
- reduce
- register
- remaining
- reputation
- required
- Requirements
- rewarded
- Run
- sale
- scalable
- Screen
- security
- Services
- set
- settlement
- Share
- since
- smart
- Smart Contracts
- So
- solidity
- Stage
- stake
- Staking
- start
- State
- stay
- stream
- streaming
- submitted
- Supported
- team
- Technical
- Technology
- Through
- time
- token
- tokenomics
- Tokens
- traditional
- use
- users
- usually
- value
- variety
- various
- version
- Vesting
- Video
- Vote
- Voting
- Web3
- webcam
- while
- WHO
- without
- Work
- working