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Today, video streaming is more popular than ever. For companies, this has led to escalating costs in streaming quality video, as streaming requires transcoding to create a high-quality video viewing experience for all viewers. Video broadcasters have to grapple with high transcoding costs that are only increasing with the advent of 4K videos and VR streaming. That's where Livepeer comes in.
Livepeer aims to make video streaming more decentralized, which helps reduce costs. The Livepeer token (LPT) is an important part of that process, as it helps power the network.
Key Takeaways:
Livepeer’s network enables the cost-effective launch of high-quality live and on-demand video services through decentralized video streaming and transcoding on its chain-agnostic platform.
Video streaming costs are kept low by using computer resources for transcoding.
Livepeer token (LPT) is staked to reward users who contribute their computing resources to power and secure the network.