Livepeer To Target Demand, App Onboarding In Open Video Infrastructure Expansion
Livepeer’s Co-Founder Doug Petkanics said at an AMA on Monday with Binance Community on Telegram that the video streaming protocol’s focus at the moment in its roadmap was on the demand side that would see it onboard more applications to build on Livepeer.
Petkanics said the onboarded applications would use Livepeer’s network which had been built and operated. He said Livepeer had processed over 150 million minutes of video since it was founded in 2017 and unlike in its early days when the protocol was seen as an alternative to Web 2’s Youtube and Twitch, Livepeer now has use cases across the creator economy, metaverse, gaming and social media.
I look forward to seeing what the next generation of developers build on Livepeer…A lot of great initiatives are underway contributing to Livepeer growing as the world’s open video infrastructure, Petkanics said.
Livepeer Studio, a toolkit which could be used by Web3 app developers to build video streaming capabilities in the applications and minting video NFTs, among others, could spearhead Livepeer Network’s drive to dominate the online video market.
Compare $3 per hour for video encoding on AWS services versus $0.30 per hour via Livepeer Studio and even more cost effective directly on the Network…More Web3-native features will roll out later this years, unlocking further experimentation opportunities for developers looking to disrupt Web2, he also said.
Livepeer is already used by LensTube, a decentralised YouTube-style app; Huddle01, a decentralised Zoom app; Inflow, a Web3 music streaming platform; Lot Radio, an online radio station.
In Livepeer Network’s supply side are node operators called Orchestrators who receive raw video files and process it for the end user. They get paid in ETH for their service and are required to stake Livepeer Tokens (LPT) as a form of check and balance to ensure they produce quality works. Delegators stake their LPT to Orchestrators in exchange for a share of the processing fee the latter receives. Orchestrators with more delegated stakes are routed more work.
It turns out crypto GPU miners are great orchestrators because the GPUs that they have that are mining cryptos like ETH, happen to have little video encoding chips on them that sit there doing absolutely nothing. Livepeer lets them use those chips to encode video, without disrupting their mining. So for these miners, they can earn money on Livepeer at no opportunity cost, Petkanics said.