What is Livepeer Token (LPT)?
Livepeer Token (LPT) is a part of the Livepeer ecosystem, a decentralized video streaming network built on the Ethereum blockchain, launched in 2017. Livepeer aims to provide a scalable and cost-effective solution for video transcoding, a process essential for streaming.
LPT is used to incentivize network participants who provide computing power for video processing. Token holders can bond their LPT to transcoders to share in the fees and newly minted LPT. Livepeer’s decentralized approach aims to reduce costs for developers and increase innovation in the broadcasting space. The platform caters to broadcasters, streamers, and media developers, providing an alternative to traditional centralized broadcasting solutions.