Open source video infrastructure services, built on the Ethereum blockchain.
Now that some 80 percent of the internet is involved in streaming video, companies spend thousands of dollars optimizing all that video for users’ individual systems and bandwidth in a process called transcoding. Livepeer aims to streamline transcoding by distributing the work among people with extra computing power all over the world. Livepeer users known as orchestrators offer their computer’s resources (processors and bandwidth) to do transcoding work in exchange for fees paid in cryptocurrencies. Others can get involved, too: Those who don’t have the computational resources to work as orchestrators but still want to participate can act as delegators, who purchase Livepeer Tokens (LPT) and stake them to support specific orchestrators they think are doing good work in exchange for a cut of the orchestrators’ fees. This helps incentivize orchestrators to perform well and charge less for transcoding. The entire system is built over the Ethereum network.
Developers or broadcasting companies who want to stream video in their applications can use Livepeer to reduce their costs. Users who want to consume video can get their entertainment through apps that operate on Livepeer. (Its founders hope that cheaper transcoding services will translate into less need for annoying ads or selling users’ data.) The goal of the Livepeer Token is to coordinate and incentivize this new peer-to-peer video system, so even people with no need for transcoding services can buy in, make money, and support the system.