What is Livepeer?

Livepeer is a decentralized live video streaming network protocol founded to provide scalable and economically efficient alternatives to centralized broadcasting. It utilizes a delegated stake-based mechanism to incentivize participants within the network, focusing on secure verification of decentralized tasks while minimizing inefficiencies. The protocol aims to integrate into the web3 stack, supporting various functionalities like DVR and ad monetization.

The native token, Livepeer Token (LPT), plays a key role in the network's operations. It serves as a staking token for participants, helping facilitate work distribution and ensuring security against potential misuse. While broadcasters use Ethereum's Ether for video transmission, LPT is utilized within the network for bonding in a delegated proof of stake system, with an issuance model that provides initial and ongoing allocations to stakeholders. LPT is designed to be divisible, aligning with the standards of popular ERC20 tokens.