What is Livepeer?
LPT is the ERC-20 utility token for Livepeer, a decentralized video streaming network built on the Ethereum network. Livepeer provides a scalable Platform as a Service solution for developers to add live or on-demand video streaming capabilities to their applications. Livepeer aims to increase reliability of video streaming while reducing costs associated with transcoding up to 50x by implementing a Peer-to-Peer infrastructure that interacts through a marketplace secured by the Ethereum blockchain. LPT token holders can become Orchestrators within the Livepeer network by running software to contribute their computer's resources (CPU, GPU, bandwidth) in service of transcoding and distributing video for content creators/broadcasters, earning fees in the form of ETH or stablecoins. LPT is required to perform the work of transcoding and distributing video, meaning the more LPT an Orchestrator contributes, the more work they are able to perform in exchange for fees.