An Open Platform For Decentralized Live Video Broadcasting
- Aims to deliver a live video streaming network protocol that is fully decentralized, highly scalable, crypto token incentivized, and results in a solution which can serve as the live media layer in the decentralized development (web3) stack - Provides an economically efficient alternative to centralized broadcasting solutions for any existing broadcaster - Verification of transcoding work will be accomplished using scalable extensions to the Truebit protocol
There are four components of the Livepeer project: - The Livepeer Media Server - The Livepeer Network - The Livepeer Token - The Livepeer Protocol There are two levels of consensus in the Livepeer Protocol. The first, the state of the current ledger of the Livepeer Token balances, and validation of all transactions which transfer token from one account to another, is provided via the consensus algorithm in the underlying blockchain that the Livepeer token is issued on. As a token issued on an existing blockchain, balances and transactions will benefit from the same level of security as the blockchain's native token itself, secured by the hash power of the mining operations or underlying proof of stake algorithm. The second level of consensus is unique to the Livepeer protocol, and will govern how the newly minted Livepeer Token is distributed in proportion to the amount of work that nodes in the network performed in order to transcode and verify live streams. This will operate on a delegated proof of stake consensus algorithm (DPOS)
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Token will be minted by the protocol on a predictable schedule, beginning with a fixed inflation rate, and diminishing as a percent of the total float of the token over time. Token will be distributed to transcoding nodes in proportion to the amount of work that they performed in transcoding streams, as well as to nodes who delegated their stake towards transcoding nodes who behaved correctly in proportion to their stake.
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