Livepeer is a decentralised video streaming platform that allows developers to integrate live video into their applications by using a decentralised system of orchestrators. This system supports efficient, scalable, and secure video streaming. Built on the Ethereum blockchain, Livepeer aims to significantly reduce the costs associated with streaming by leveraging a distributed network for video transcoding and distribution.
Livepeer operates on the Ethereum blockchain, using a delegation-based staking protocol. Participants can act as orchestrators (video miners) who handle video transcoding, or as delegators who stake LPT tokens to support these orchestrators. The protocol employs a two-layer consensus mechanism: one layer is secured by Ethereum, and the other uses a Delegated Proof-of-Stake model to manage token distribution and verify work. The network uses smart contracts for LPT staking and rewards distribution, facilitating a peer-to-peer network structure for video streaming.
The main use cases for Livepeer include:
Livepeer was founded in 2017 by Doug Petkanics and Eric Tang, driven by a mission to create an open and decentralised video streaming network. Key milestones include:
Throughout its evolution, Livepeer has grown considerably, raising significant funding and scaling its market presence to be a leader in decentralised streaming and AI video processing.