Ethereum Blockchain, LPT Tokens and Open Video Infrastructure - Reinventing the Future of Live Streaming
Doug Petkanics, CEO of Livepeer, was our guest at Speedify Live, where we spoke about how the open video infrastructure they are building is becoming the future of livestreaming.
Livepeer is a decentralized video streaming network built on the Ethereum blockchain. In layman's terms, this means that anyone who has extra computing power can put that to use on to the Livepeer network and earn money if they're powering video encoding and video distribution.
Watch below the entire Speedify Live show to find out more about what Livepeer does and how you can optimize your live streams.
Decentralized Streaming Services Are 10 to 50 Times More Cost Effective
This distributed computing network architecture is ideal for efficiently scaling the computing power for live streaming. Using a decentralized streaming service such as Livepeer is 10 to 50 times more cost effective than using one of the existing providers for encoding and video distribution (Amazon, etc.).
As a video miner / contributor running a Livepeer node, you earn LPT (Livepeer token) and ETH (Ethereum) rewards. These are crypto assets you can trade using exchange platforms such as Coinbase, Binance, etc. According to Doug, at this time, by putting your GPU's idle power to work, you can earn up to a couple of hundred dollars on average per week.
Not to mention that creators can also leverage the mechanism and network to create NFTs and sell them, if they want to focus on that.
As a developer (live streamer), you can use Livepeer for free for up to 1,000 minutes of live streaming per month.
Are Livestreams Secure when Using Livepeer Decentralized Streaming Platform?
By default, the GPU that handles the transcoding can recognize the video and if the user wants, they can get those 2-3 seconds of video and do anything with them. So this is mostly intended for videos being broadcast to public platforms such as Twitch, YouTube, etc.
If you need your live streams to be truly private, you can work with companies on the Livepeer network to encode your video and get a contractual guarantee for securing that.
When you're running a Livepeer node, you should also consider making your internet connection more stable and secure. And Speedify can help with that.
Streamergency - Doug's Story
According to Urban Dictionary, a streamergency is the stressful situation when one's video call, online game, or stream breaks down or cuts out unexpectedly.
Doug decided to share a streamergency that was slightly different than that: "... during one of our project's open community calls, someone dropped in and started screensharing something that no one attending will ever be able to unsee."
More About Livepeer and Speedify
Watch the video (Twitch | YouTube | Facebook) to find our more about:
- the Livepeer community;
- how to best earn and use LPT rewards;
- Doug Petkanics - his likes, how he and his team built Livepeer, etc.;
- great resources on crypto and decentralized streaming.