In this piece, we’ll discuss about Livepeer that’s addressing the below concerns and examine its price projections.
Video has become ingrained in the way we share information and communicate on a global scale. Nearly 80% of internet users have a YouTube account, and video streaming on the Twitch platform is exploding, with over 2 billion hours consumed in January 2021 and that is without mentioning the critical role of real-time video platforms such as Zoom, Telegram, or Google Meet.
While this all sounds amazing, there is still the issue of these centralised services wielding an inordinate amount of influence over their user bases, their data, and the capacity to restrict whatever content they want.
In 2021, developing an application that can compete with existing centralised video streaming systems will be extremely tough. The costs of transcoding live streaming video continue to be a significant obstacle, as transcoding is computationally expensive.
Any service that distributes video to end-users must execute this transcoding, which converts the video to a format that end users can consume.
Nowadays, the majority of video transcoding occurs on centralised cloud computing services such as Amazon Web Services and Microsoft’s Azure, creating the prospect of a single point of failure in video delivery.
Despite the growing popularity of decentralised video streaming services, none of them presently provide open video streaming.
If a decentralised transcoding service could be launched, it would enable the development of apps capable of delivering more affordable, reliable, and scalable video live streaming. Additionally, a decentralised transcoding service would be resistant to restriction and development.
Livepeer Coin: Overview
Livepeer Coin is one of the blockchain projects addressing the difficulties of decentralised video transcoding and live streaming. Livepeer is a decentralised Ethereum-based solution that claims to significantly reduce the cost of video streaming applications.
It accomplishes this feat through the use of a distributed network of nodes in which users give their computer power to the network in order to perform the computationally difficult process of video transcoding. Participants in the system are compensated for their processing power, which enhances the network’s adoption.
It’s an excellent idea and one that the video streaming market undoubtedly requires. Indeed, the concept is so compelling that Grayscale, the company behind the Bitcoin Investment Trust, named Livepeer as one of five new trusts in March 2021.
Grayscale clearly sees the project’s worth and potential. And if you understand what it is all about.
January 2nd 2022 Update: LPT transacted $22,590,771 in a 24-hour period.
What is Livepeer Crypto?
Livepeer is a decentralised blockchain service to dramatically lower the infrastructure expenses involved with streaming video.
However, let us be clear from the start. This is not a consumer-facing programme such as YouTube or Twitch where users may watch video or live streams.
It is a backend infrastructure solution that enables application developers to dramatically reduce the cost of video transcoding. Livepeer handles this transcoding, which converts video from one format to another for playback.
Livepeer asserts that its approach will significantly minimise the resource costs involved with video transcoding when compared to existing, centralised video transcoding systems. This gives investors a basic idea what is Livepeer Crypto all about.
What is Livepeer‘s Mechanism of Operation?
Livepeer relies on a community of users it refers to as “orchestrators” to manage the network’s app developers’ transcoding needs. These individuals have joined the LPT network and are exchanging computing resources such as bandwidth, CPU, and GPU for the LPT coin that drives the network. In line with the cryptocurrency mining themes, these users are also referred to as “video miners.”
Any developer wishing to utilise the LPT network for transcoding and distribution must do so using Livepeer tokens. Additionally, an LPT holder can stake their tokens or become a delegator, earning a yield on their tokens while also contributing to the network’s security without actually donating CPU resources to power the transcoding process.
January 1st Update 2022: Within the Descending Triangle, Bullish Sentiments Reignite For LPT.
By incentivizing network participants, LPT thinks it can build a network capable of decentralised, low-cost, and censorship-resistant transcoding and video delivery. The incentives are calculated in terms of the native LPT cryptocurrency that underpins the entire process.
The LPT protocol’s economics is based on four critical roles. Those are:
- Orchestrators – The orchestrators are the individuals who are responsible for transcoding video into the desired output format. They are compensated in ETH by the broadcaster and also receive newly created LPT tokens via the network. An orchestrator node’s computers must be configured to execute software that enables them to contribute computational resources to the network. Additionally, orchestrators are expected to stake LPT tokens as collateral to ensure that they perform competently and ethically. If an orchestrator is discovered to be cheating or acting inappropriately, their stake is reduced as a consequence.
- Transcoders – Orchestrators manage the transcoders, which take the input video and convert it to the required format before output. Multiple transcoders can be managed by an orchestrator.
- Broadcasters – These are responsible for giving an orchestrator with a stream of video. It is compensated in ETH for their services. Twitch, for example, may be deemed a broadcaster if it sends footage to Livepeer Orchestrators for transcoding before broadcasting to end-users.
- Delegators – This group uses an orchestrator to stake their LPT tokens. Typically, the delegator lacks the skill or inclination to act as an orchestrator in the network. Rather than that, they delegate their tokens to an established orchestrator in exchange for a share of the rewards.
Apart from transcoding video, Livepeer also assists with video distribution to end consumers. This is generally handled by centralised content delivery networks like Cloudflare, however, LPT can provide the same function and at a cheaper cost.
January 2nd 2022 Update: Livepeer is now trading at $40.41 and has a market capitalization of $863,126,944.94.
Livepeer‘s Practical Applications
Livepeer can be used by any video streaming service that requires transcoding. It thinks that by offering low-cost transcoding, it can also support a variety of use cases, such as pay-per-use consumption.
All of this is attainable just halving the cost of transcoding. Already a $50 billion market, Livepeer believes that live streaming can be a vital part of the ecosystem.
Consider that Amazon acquired Twitch in 2014 for $970 million in cash, and you can get a sense of how critical live streaming is. Currently Livepeer is a small company, but it is gradually expanding as more streaming providers get interested in and test out their delivery service and transcoding.
LPT is presently partnering with playdj.tv to enable live streaming of DJ shows to the site’s audience and file.
Users may quickly publish and share video material via video. While the LPT infrastructure is in place, applications are still getting acquainted with the protocol.
One benefit of Livepeer is that it can scale rapidly as demand increases by leveraging network incentives. When a video is sent to the network for transcoding, network incentives ensure that any available resources are employed to accomplish the operation.
This alone addresses the issue confronting centralised services, where a significant impediment has always been a lack of infrastructure capable of supporting an increasing number of video streams.
Is Livepeer Coin a good investment?
Yes, indeed it can be a long term good investment as the cost of video streaming places a constraint on app developers. If you consume video streams, you have almost certainly never considered the expenses of sending the video.
Typically, the costs of video streaming for centralised services are passed on to consumers via advertising, the sale of their personal data, or through membership or service fees.
By utilising a distributed, decentralised network, Livepeer can reduce those expenses, which should enable the development of new sorts of video-driven applications and business models. And consumers now have the opportunity to earn money by providing processing power rather than paying centralised providers to provide video services.
January 2nd 2022 Update: Its price has decreased by -0.48 percent over the last 24 hours and by -8.02 percent over the last seven days.
Where Can I Buy Livepeer Crypto?
Livepeer crypto were added to a number of major exchanges following the creation of the Grayscale LPT Trust Fund. They may be acquired with USD via Gemini, but the most active exchange for LPT is Binance.
Additionally, you can obtain them via decentralised exchanges such as Uniswap and Balancer. To purchase a Livepeer token using one of these DEXs, you must first obtain Ethereum (ETH), which may then be swapped for LPT. This sums up the question which investors often ask Where Can I Buy Livepeer Crypto.
Livepeer Crypto Price Forecasts in the Years 2022-2030
Price Prediction for LPT in 2022
The bitcoin market is driven by volatility. Today, forecasting and maintaining the current price is difficult. Numerous crypto analysts are involved in this process. For the specified years, the pricing estimates are accurate. Crypto customers continue to express anxiety about crypto bans and additional limitations. If the market experiences a strong bull run in 2022, the Livepeer price may reach $68.69. Given that long-term investors are projected to hold it, its average price in 2022 will be around $59.76.
Price Prediction for LPT in 2023
LPT will be viewed as a superior choice, and the massive community will drive the price of Livepeer to new highs. Price changes are difficult to forecast, even more so when the market is more bullish or bearish than it has ever been. Livepeer will cost over $78.13 in 2023. The highest price we can obtain is $98.61. The average price projection for the end of 2023 is roughly $81.11. Within the range specified by the crypto market, a massive price turnover is expected.
Price Prediction for LPT in 2024
There are hints that the crypto market is on the verge of entering a new era. Certain that the long-term price projection for LPT will skyrocket due to continued hope that the currency will garner significantly more attention. In 2024, the average price will be $120.16, while the minimum price will be $116.10. The highest possible price is projected to be about $139.44.
Price Prediction for LPT in 2025
By 2025, with further acceptance and collaborations with other significant blockchain networks, the price of LPT is expected to skyrocket, reaching a potential trading price of $200.93. If we maintain the current price ranges, they will be extremely trendy. If all goes well, we may anticipate an average price of $167.93 in 2025, with a maximum price of $200.93.
Price Prediction for LPT in 2026
The value of Livepeer will expand as a result of the network developers’ and community investors’ efforts. As a result, the estimated price for 2026 is bullish. Analysts predicted that LPT will reach a high of $289.36 by the end of 2026. On the other hand, it is extremely bullish about Livepeer’s future growth. As a result, the average price of LPT is estimated to range between $239.64 and $246.35 in 2026, depending on the market. According to the same statement, the LPT’s maximum price for 2026 is between $239.64 and $289.36.
Price Prediction for LPT in 2027
LPT has enormous potential; with the right collaborations and improvements, they might significantly boost their user base and adoption. If the market focuses exclusively on Livepeer, the price could skyrocket. It has the potential to reach a maximum value of $421.32 by 2027. The LPT is projected to reverse course slightly if the market declines. The year 2027 may end with an average price of $364.95, ranging from $352.63 to $421.32.
Price Prediction for LPT in 2028
Numerous websites and forums offer a unified approach to this currency. According to this prediction platform, Livepeer‘s current price will remain stable for an extended period of time. The LPT is predicted to reach a maximum value of $609.90 by 2028. If the market turns bullish, the minimum price can rise to $505.43.
Price Prediction for LPT in 2029
Livepeer‘s current price range may pick the interest of many traders, and as a result, LPT might reach $869.28 by 2029 with significant cooperation from financial institutions if the following conditions are met.
With an average price of $762.96 in 2029, it has the potential to outperform the current price trend and achieve new highs. The price tagline may change as the crypto market continues its bullish trajectory into 2029.
Price Prediction for LPT in 2030
Basic analysis is required for long-term Livepeer price prediction. The native token provides a limited number of industry benefits. The autonomy of the digital economy makes it ideal. With the growth of DAPPs and stablecoins, the network will provide competitive programmable payment, storage choices and logistics.
There is a possibility that the average price of LPT will increase to approximately $1,076.63 by 2030 as more investors become interested in the concept. The year 2030 might end with a maximum price of $1,273.13 and a minimum price of $1,046.11.
Livepeer intends to become entirely decentralised in the future, but as of June 2021, it is currently governed by the legal corporation that developed the network, Livepeer Inc. Additionally, there is a 2017 official roadmap that has seen many things finished while others remain in the works.
Additionally, the team has added new objectives, such as layer-2 scaling, bringing more efficient verification methods to production, and the ability to use AI for a variety of tasks, including object recognition, scene classification, video fingerprinting and song title detection.
As the Web3 industry matures, there is no doubt that decentralised infrastructure services will prove to be extremely beneficial and profitable. Livepeer is one of those services that have the potential to completely change the video streaming market in the coming months and years.
At Solutiontales we make it easy to understand the throes of cryptocurrencies, but our words should not be taken as a financial advice. Remember, a wise investor can make money in a bull or bear market when given the right data.