🍀 The Livepeer network serves as 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 pose 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 operators on the platform. Users also earn fees paid in ETH through storage and running nodes, both of which require LPT.
🔸️Storage: Users can stake LPT tokens to secure the network from 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 stake to run GPU-supported Livepeer nodes can also mine other GPU-dependent cryptocurrencies at the same time without interrupting their encoding job.