What is Livepeer (LPT)? How to buy LPT Crypto in India?

Snapshot:

• What is Livepeer (LPT)?
• Who are the founders of LPT? 
• How does LPT work?
• Key Attributes of LPT
• How to buy Livepeer (LPT) in India 

What is Livepeer (LPT)?

Livepeer is one of a kind video streaming platform that is completely decentralized in nature. The platform aims to become a viable blockchain-based, economically efficient alternative to help creators reach their audience without paying hefty fees to centralized broadcasting solutions. It has been designed to provide an open-source video streaming infrastructure that can be used by anybody.

As mentioned in the LPT whitepaper, the live streaming and broadcasting industry is growing rapidly and the company is aiming to ride this wave and introduce decentralization to the live streaming and broadcasting environment. The Livepeer ecosystem aims to streamline the broadcasting process by allowing the creators to submit their work on the platform, taking care of reformatting and distributing the content to users and streaming platforms.

Who are the Founders of LPT?

Since Livepeer is an open-source platform, it means that the developers can freely contribute to the underlying code in GitHub. Livepeer Inc, the legal entity behind the organization was founded by Doug Petkanics and Eric Tang.

Doug Petkanics is a graduate in computer science from the University of Pennsylvania in 2006. Eric Tang is a graduate in electrical and computer engineering from Carnegie Mellon University. In 2010, he teamed up with Doug Petkanics and co-founded Hyperpublic. Since then, the duo has worked together on Wildcard and later on Livepeer.

How does LPT work? 

Livepeer’s technology has a wholesome applicational possibility. LPT’s technology stack can be applied to a wide variety of use cases, including video-enabled decentralized applications, pay-as-you-go streaming platforms, uncensorable live journalism solutions, and blockchain-powered digital conferences. 

Its utility token, Livepeer Token (LPT) is a part of Livepeer’s delegated-proof-of-stake (DPoS) security system. The validators participate in the video transcoding process and receive a share of the network reward. One of the most critical and costly pieces of traditional video distribution infrastructure is the reformatting of raw video to ensure an optimal viewing experience on any device at any network speed. 

Livepeer nodes are responsible for processing videos into various bitrates and formats besides providing computer power to the network. Broadcaster and relay nodes, on the other hand, are responsible for distributing content to the end-users via web apps and decentralized applications. 

Key Attributes of LPT

• Livepeer was the world’s first decentralized video streaming infrastructure. 
• Livepeer’s protocol and tokenomics are designed to encourage participation, either through node operation or by staking, which helps keep the infrastructure secure and reliable. 
• Livepeer has seen continued growth in a key usage measure: the volume of raw video transcoded in a week. In seven days ending June 12, 2021, Livepeer node operators processed a record of 2.3 million minutes of raw video, a six-fold increase from the start of 2021.

HOW TO BUY Livepeer (LPT)?

Use these three-step processes to buy your first LPT using the CoinDCX bitcoin investment app in India

1. Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
2. Verify the account: You need to complete your KYC, to buy LPT on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
3. Buy LPT: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!

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