Livepeer is an Ethereum-based protocol that distributes video transcoding work across its decentralized network.

The Livepeer project aims to provide a fully decentralized, highly scalable, crypto-token-incentivized live video streaming network protocol and a cheaper solution for application developers or broadcasters than using traditional centralized live video solutions.

Currently DApps still lack the ability to include streaming media and data in an open and decentralized manner.

A fully decentralized P2P solution in which nodes contribute their computing and bandwidth to serve streaming live video will be more scalable because there is no limit to the number of connections that can serve.

The main technical components of Livepeer include Livepeer protocol, Go-LivePeer node and Livepeer media server (LPMS). The protocol was implemented as a set of Ethereum smart contracts written in Solidity that function to create an open marketplace for node operators to register their services, a payment settlement layer via a probabilistic micropayment mechanism, a delegated equity based security and QA protocol work on the network, And governance mechanisms for voting and enforcing protocol upgrades. Livepeer Media Server LPMS is an open source media server that can handle all content of a video -- raw service, ingestion protocol, transcoding logic, streaming and playback logic, and so on. Live video and audio input streams need to be transcoded for use on different types of devices, each with its own format and bandwidth requirements. Centralized services can be used, but are usually expensive. Livepeer Media Server is an open source version that can be used as an independent component and a core component of Livepeer Network. Go-livepeer The Go-LivePeer implementation of the Livepeer node implements the protocol, talks to the blockchain, and empowers LPMS to handle video broadcasting, transcoding, and streaming/playing functions. There are nearly 100 additional repositories and projects that complement this core technology, including front-end applications for mortgage and governance, Devops scripts for operating nodes on the network, a managed version of broadcast functionality running on LivePeer.com, and more.

1. Pledge to participate in mining to ensure the security of the network. 2. Participate in platform governance voting.

Livepeer adopts a two-layer consensus mechanism. First, the Livepeer ledger and its transactions are recorded on and protected by the Ethereum blockchain. The second consensus layer handles the allocation of the newly generated LPT and verifies that transcoding has been done correctly. This layer utilizes a delegated proof of equity (DPoS) model, where the Orchestrators act as validators -- nodes that participate in protocols to ensure correct payment settlement, token allocation, and security. When one Orchestrator performs transcoding work, Broadcast nodes can self-validate or outsource to other Orchestrators to check for errors and malicious behavior. This is an expensive operation, so Livepeer randomly validates only a small fraction of the work that has been done.

Pay-as-you-go content consumption Through the value-transfer transaction in the agreement, broadcasters can now charge viewers directly for live consumption without the need for credit cards, accounts or control of user identity through a centralized platform. One of the challenges in building consumer video services today is scaling the infrastructure to support the growing demand for streaming and more consumers as new users are added. A service layer allows developers to easily start in Livepeer network built their video solution, the network will automatically expand to support any number of flow and the audience, it will be for infrastructure developers a popular solution, otherwise, they will have to continue to configure the server, media server, And manage resources effectively to handle spikes. Current platforms like Twitter and Facebook offer amazing live video solutions to attract large audiences, but they were also the first to be blocked or censored in various political conflict situations. The use of distributed networks such as Livepeer will make them almost impossible to control. 4. Video enabled DApp decentralized applications (DApps) began to emerge, mainly driven by the Ethereum ecosystem. However, to date, there is no viable solution for embedding live video into dApps without using a centralized solution or webrTC-based constraints to limit the number of consuming clients. By introducing Livepeer into the DAPP development stack, the application can be completely decentralized but still contain live video on a large scale for as many users as possible.

1, cheap and easy to use. 2. Give users, developers and broadcasters control over their own user experiences and monetize the process. 3. Scalable to support audiences of any size. 4. Have a thriving community of participants who can benefit from the work done to improve the usability of Livepeer.

Users running Livepeer software can make money. They are compensated for contributing computer processing power and bandwidth to the Livepeer network.

In terms of technical architecture and token model design, Livepeer does have many advantages (low cost, censorship resistance, disintermediation, etc.) compared with traditional service providers, and can support large-scale live video applications in a decentralized way. However, in practical application, Livepeer is still in the very early stage of the market, and it still needs great development in market promotion and technical iteration to make it truly meet the needs of large-scale application. Therefore, although LPT token can effectively capture network value, the development of its network value still has great uncertainty at present.

Livepeer's decentralized architecture provides an alternative to the expensive centralized infrastructure that video broadcasters have traditionally relied on. However, broadcasters are not the only stakeholders to benefit. Livepeer's model could allow video streaming companies to explore new business models that don't rely on selling user data and serving ads, creating a better experience for consumers.