Livepeer is a platform for video transcoding and distribution. Users will be able to create and broadcast video sessions to its viewers on a global scale by sending their videos to the Livepeer network, which will transcode the data to the formats and bit rates that the viewers can consume. Fees are paid to the transcoders by the broadcasters in a form of the platform token, the LPT.
The Livepeer token (LPT) is an Ethereum-based (ERC-20) cryptocurrency. Rather than a medium of exchange value, LPT will act as a bonding mechanism in a delegated proof of stake system in which stake is delegated towards transcoders (or validators) who participate in the protocol to transcode video and validate work.
Livepeer ICO began on July 21, 2018. There where 6,300,000 LPT available for 25 USD each. The ICO and has ended on October 02, 2018.
An initial allocation of the token will be distributed to the community at the genesis and over the early stages of the network. Recipients can use it to stake into the role of Transcoder or Delegator. A portion will be allocated to groups who contributed prior work and money towards the protocol before the genesis, and a portion will be endowed for the long-term development of the core project.