We observe movements in the cryptocurrency universe. While some of the altcoins can see prices that exceed them, Livepeer (LPT) has been one of the most notable altcoins recently.
Livepeer, implemented by Doug Petkanics and Eric Tang in 2017, is a decentralized live video streaming network protocol operating on the Ethereum blockchain.
The platform aims to be a suitable, blockchain-based, economically efficient alternative to centralized broadcasting solutions for all new and existing broadcasting companies. Considered as a decentralized alternative to platforms such as Youtube and Twitch, Livepeer aims to breathe new life into the rapidly growing live video streaming and broadcast industry and bring decentralization to the environment.
According to Coinmarketcap data, Livepeer (LPT) coin, with a market value of over $1 billion as of November 28, 2021, saw its highest level with $100 and its lowest level with $0.4206 on March 13, 2020.
What Could the Future of LPT Coin Be Like?
Seeking to revolutionize the publishing industry by utilizing the advantages of blockchain technology, Livepeer's open source platform allows users and developers to freely participate in the management and development of the platform.
The growing capabilities of digital cameras to produce high-quality video content are driving the development of the broadcast industry, and Livepeer aims to further this process by enabling users to take advantage of decentralized computing power and crypto-economic incentives to boot and participate.
Thanks to the power of open source software, the use of underutilized resources such as computing and bandwidth, and the use of crypto economic incentives to boot and participate, it offers an infrastructure opportunity that can run video streaming applications at a highly efficient price. For this reason, the promising Livepeer project is expected to last longer.
Livepeer aims to be a leading industry platform as it allows users to participate in a variety of ways. The platform is transforming the pay-as-you-go content consumption, live video streaming process, creating a whole new habitat for auto-scaling social video services, uncensored live journalism and video-enabled DApps.
What is LPT Coin?
Because Livepeer is built on the Ethereum blockchain, the platform uses a modified version of a delegated proof-of-stake (DPoS) consensus mechanism. There is no mining in a DPoS mechanism. Instead, the verification of new blocks on the blockchain happens based on the number of coins staked.
This is what separates Livepeer from the consensus mechanisms Bitcoin uses. While Bitcoin's proof-of-work (PoW) mechanism requires large amounts of electricity and computing power, DPoS systems are more ecologically conscious and easily scalable. Livepeer leverages the extensive DApp universe already established by the Ethereum blockchain, which further increases the usability of the network.
While the maximum supply of Livepeer token is 22 million; its circulating supply is 21 million 164 thousand. LPT Coin can be traded by investors on more than 10 crypto currency trading platforms, apart from major exchanges such as Binance, Coinbase, Gate.io, Bithumb.
12.35 percent of the total supply was distributed among the founders and first team members. The other 19% of tokens were diverted to pre-sale purchases. The largest amount of tokens, 63.4%, was distributed in the public sale. Finally, 5% of the total token supply is reserved for the maintenance of the Livepeer network, guaranteeing the future development of the project.