Livepeer Token

What is LPT and how Does It Work?

Livepeer Token (LPT) functions as a protocol token in the Livepeer network and operates as an ERC20 token on the Ethereum blockchain. It can be divided by 10^18, which supports user-level transactions, as well as staking in a range of denominations, and protocol accounting. The utilization of the token in both a bonding system and a delegated proof of stake system is a key feature.

As an LPT holder, you can delegate your tokens to transcoders or validators who participate in the network by transcoding video and verifying the work completed. The potential consequence of violating the protocol may include slashing. Furthermore, LPT facilitates interactions with other tokens within its system.

During the process of broadcasting videos on the Livepeer network, broadcasters use Ethereum Ether (ETH) and accrue fees, also payable in ETH. In turn, nodes get compensated with ETH from broadcasters for their provision of processing bandwidth. In addition to serving an exchange function, LPT is staked by participants to execute and coordinate work allocation on the network.

Initial distribution of Livepeer tokens occurs among those contributing to the various roles within the network, with the issuing of additional tokens following a certain schedule. Of note, these tokens serve as account units in the Livepeer system and may provide other functionality in the future. Enhanced security for services integrated in the ecosystem such as DVR, closed captioning and analytics is provided by LPT staking.

Moving forward, the aim of the Livepeer project is providing a scalable live video streaming network protocol, an efficient alternative to centralized broadcasting solutions. It strategizes this by shaping itself as a decentralized media component in the web3 development stack. Participants in the live video broadcast network are awarded via the Livepeer Protocol. The protocol itself is also engineered to offer a solution to scalable verification while eliminating unnecessary work attempts and token allocation manipulation within its inflationary system.

The Vision and Mission Behind LPT

LPT, or Livepeer Token, is a component of the Livepeer network and its open-source video streaming protocol. It operates on the Ethereum blockchain and serves multiple purposes. LPT holders partake in various activities on the network including decision-making processes towards protocol enhancements. Apart from that, LPT is also utilised for transcode payments, which demand the conversion of video streams into adaptable formats for various devices. These functionalities play an important role in contributing to the scalability of Livepeer's decentralized video streaming architecture.

How to Buy and Store LPT?

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LPT Metrics:

• Current price: $15.0326

• Market cap: $375.55 M

• All-time high: $99.03 (Nov 9, 2021)

• All-time low: $0.35 (Oct 26, 2019)

• Daily trading volume: $66.3 k