The Livepeer network serves as a video infrastructure for developers to run their own live streaming applications. Video streaming accounts for over 80% of the bandwidth used on the internet, and traditional video infrastructures present high-cost barriers for startups and developers to build new streaming platforms.
LPT is the native token of Livepeer and is used for the following functions:
Protocol incentives: Users can earn LPT tokens as rewards for running a node or delegating node operators on the platform. Users also earn fees paid in ETH through storage and running nodes, both of which require LPT.
Storage: Users can store LPT tokens to secure the network against attacks and earn storage rewards in LPT tokens.
Governance: Holders of LPT tokens can propose network governance decisions and vote on them.
Dual mining: Users who store to run Livepeer nodes supported by graphics processing units can also mine other cryptocurrencies based on graphics processing units at the same time without disrupting their token conversion.