As the television era is slowly wrapping up, live video is taking over and opening up new ways for people to share their hobbies and while monetizing them at the same time. From bloggers to gamers, a lot of people are taking advantage of live streaming nowadays. Have you got an insane origami making skill and thinking of hosting a video course for the whole world to see? Are you a eSports fan, looking to stream your gaming video or even dreaming to make a living by running real-time broadcasting? Or maybe you’re a developer that is working on building a rocking app that features online videos and is looking for ways to power those videos’ functionality.
However, there’s a problem. Did you know that in order to build a solid app with live video or just to broadcast an event to a relatively big audience it’s not only difficult, but also crazy expensive? Both broadcasters and developers have to pay quite a lot to a few centralized companies so they can transcode and deliver videos to various devices and platforms if they want to expand the coverage.
What about free social media platforms then? Surely you can share your video there for free, can’t you? Well, not exactly. In exchange for posting content, social media giants take control of your viewers and monetize them. They also fully control the whole experience and censor.
The need for a decentralized alternative is more than obvious.
Thanks to the rise of blockchain technology and the team of dedicated and enthusiastic developers of Livepeer, it’s now possible to cut the costs, decode video into different formats, and share it with a wider audience.
Livepeer is building a scalable platform that will help developers add live or on-demand videos to their projects. Aiming not only to cut costs, but also to increase the reliability of video workflows, the company is building a p2p infrastructure that interacts through a marketplace powered by Ethereum.
“Livepeer is live video infrastructure. It is a technology that lets you broadcast video over the internet, or lets anyone build video into their own app or web site.”
In the final count, we’ll get a highly scalable, affordable, and decentralized network for video developers, video miners, and various open source contributors.
Moreover, by running the Livepeer software, users can earn money. They contribute their computer’s processing power and bandwidth in service of the Livepeer network, and get compensated. Anyone can run the Livepeer software.
Livepeer Token LPT in Lumi Wallet
All payments and all compensation through Livepeer are done through LPT. LPT is an ERC20 token that gives holders the opportunity to broadcast video. Additionally, users have the option to participate in the network by running the software and the services, and securing the network.Thus you can earn fees and LPT rewards once the network becomes more valuable.
As a token holder, you can bond your token to a Transcoder to perform work on your behalf, and earn newly minted tokens and fees every day.
LPT can be purchased on various exchanges and, since recently, safely stored in Lumi Wallet.
As you might already be aware, Lumi is a client-side HD wallet that leaves you as the sole owner of your private keys and funds. Besides, it’s really easy to use and pleasant to work with. If that’s still not a good argument, we’re happy to share that Lumi Wallet will soon be open source.
How to create an LPT wallet in Lumi?
- Download the app
- Go to the ‘Wallets’ section and tap on the ‘Manage Wallets’ button
- Type in the token’s or project’s name and tap on the ‘Ok’ button
- Tap and hold the icon of your new LPT wallet, and drag it to the top where it should be 😉
Lumi Wallet allows you to store, send, and receive Livepeer tokens, as well as the majority of ERC20 and coins, including BTC, ETH, EOS, and BCH. Many token pairs can be traded right inside the app.