How To Buy Livepeer (LPT)?

A common question you often see on social media from crypto beginners is “Where can I buy Livepeer?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Livepeer on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Livepeer (LPT)

First, you will need to open an account on a cryptocurrency exchange that supports Livepeer (LPT).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Livepeer (LPT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Livepeer (LPT)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Livepeer (LPT) or Livepeer (LPT) trading pairs. Look for the section that will allow you to buy Livepeer (LPT), and enter the amount of the cryptocurrency that you want to spend for Livepeer (LPT) or the amount of fiat currency that you want to spend towards buying Livepeer (LPT). The exchange will then calculate the equivalent amount of Livepeer (LPT) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Livepeer (LPT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Livepeer (LPT)?

Livepeer is an Ethereum-based decentralized video streaming infrastructure that enables developers to bring their ideas to life affordably. It has been designed to provide an open-source video streaming infrastructure that anybody can use to deliver video media to their audience without paying heavy platform fees or being restricted to the features offered by centralized broadcasting solutions. 

Livepeer’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.

The platform has its known native utility token, known as the Livepeer Token (LPT). The token is a part of Livepeer’s delegated-proof-of-stake (DPoS) security system, with users delegating their stake to validators. These validators participate in the video transcoding process and receive a share of the network reward. Those who fail to properly carry out their duties may be subject to slashing. 

Livepeer was founded in 2017 by long-time collaborators Doug Petkanics and Eric Tang, both entrepreneurial software engineers committed to building quality protocols. In 2010, Doug and Eric founded Hyperpublic, an open database and API of local data from all around the world. They also contributed as engineering leads in this project. It was acquired by Groupon within two years of its establishment. 

Fascinated by cryptocurrency early on, they ultimately built two Ethereum-based protocols in 2016: Auction House, an end-to-end DApp to sell non-fungible assets (pre-NFTs), and TAP, a protocol designed to increase security and transparency in Ethereum transactions.

Seeing the rise of live video streaming as a chance to democratize content creation, Doug and Eric then conceived a way to use decentralization to help app developers build alternatives to the closed platforms that dominate the video streaming industry today. That vision became Livepeer.

How Does Livepeer Work?

One of the most critical and costly pieces of traditional video distribution infrastructure is adaptive bitrate transcoding — the reformatting of raw video to ensure an optimal viewing experience on any device at any network speed. Livepeer claims that its decentralized structure enables transcoding at prices up to 50x lower than those charged by mainstream providers. 

The network is made up of tens of thousands of node operators — known on the Livepeer network as “orchestrators” — who provide computing power in exchange for fees from broadcasters as well as rewards in the form of Livepeer’s native token, LPT. Orchestrators compete for work and for the backing of Livepeer’s “delegators,” who commit their tokens to top performers for a share of their incentives.

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

The platform is secured by a DPoS security system used to thwart a variety of potential attacks — such as consensus attacks and chain reorgs — by requiring that all nodes involved in securing the network are incentivized to maintain honest behavior, and will be slashed for malicious activity. 

What Makes Livepeer Unique?

Livepeer was the world’s first decentralized video streaming infrastructure. Unlike others in the space, Livepeer is not viewer-facing and has no plans to become so. The team’s entire focus is on giving developers of streaming applications the reliable and robust infrastructure they need to ensure the best experience for their customers. 

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. The network already has more than 70,000 GPUs contributing to its operation: enough aggregated power to encode all the real-time video coursing through Twitch, Facebook, and YouTube combined. 

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. 

As part of its goal to become the go-to infrastructure for the industry, Livepeer is also developing a roster of other video processing tools valuable to broadcasters — everything from object recognition to song title detection — with the ultimate goal of providing the full range of tools for video streaming developers in a decentralized, democratized, and affordable way. 

Livepeer development updates in 2023

Livepeer has seen notable developments in 2023. This platform, which provides efficient transcoding services for live video streaming, aims to lower production costs for broadcasters by utilizing idle GPU and CPU resources globally.

• Collaboration and Price Surge: In August 2023, Livepeer’s collaboration with Base for the Onchain Summer event as a live streaming service provider significantly impacted its native token, LPT. This partnership, coupled with updates to its roadmap, contributed to an 80% increase in LPT’s price, rising from $3.97 to $7.2​​.

• Roadmap Updates: Livepeer’s 2023 roadmap includes closer integration with the Web3 ecosystem. The focus is on enhancing video-on-demand services, reducing latency in streaming services, and introducing a token-gating mechanism for custom playback policies. This initiative aims to further entrench Livepeer in the growing Web3 community and build applications for the network’s future growth​​.

• Infrastructure and Tokenomics: Livepeer’s infrastructure comprises Orchestrators, Transcoders, and Delegators. Orchestrators manage video transcoding and ensure network security, while Transcoders provide the necessary computing resources. Delegators contribute by staking LPT tokens to Orchestrators. The native token LPT incentivizes network participants and functions as a staking token for transcoding and distribution work. The platform employs a unique inflation system for LPT, which adjusts automatically based on the staked amount in relation to the total circulating supply​​​​.

• Use Cases Expansion: Livepeer continues to expand its use cases. It offers solutions for uncensorable live broadcasts, auto-scaling video services, and video-on-demand payment systems. The platform also enables decentralized applications (dApps) to embed live video without relying on centralized solutions​​.

• Community and Governance: The Explorer Dashboard serves as a tool for token holders to stake tokens toward node operators and participate in governance decisions, reinforcing the platform’s decentralized nature​​.

These developments mark significant strides in Livepeer’s journey towards revolutionizing the video streaming industry. By leveraging blockchain technology and focusing on scalability, efficiency, and decentralization, Livepeer is positioning itself as a key player in the evolving Web3 landscape.

Official website: https://livepeer.org/

Best cryptocurrency wallet for Livepeer (LPT)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Livepeer (LPT)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).