Introduction
The Livepeer project aims to deliver a live video streaming network protocol that is fully decentralized, highly scalable, crypto token incentivized, and results in a solution which can serve as the live media layer in the decentralized development (web3) stack. In addition, Livepeer is meant to provide an economically efficient alternative to centralized broadcasting solutions for any existing broadcaster.
The Livepeer Protocol – a delegated stake based protocol for incentivizing participants in a live video broadcast network in a game-theoretically secure way. We present solutions for the scalable verification of decentralized work, as well as the prevention of useless work in an attempt to game the token allocations in an inflationary system.
As the Livepeer technology and protocol are delivered, it will enable users to participate in the following flow:
- Capture a video on your camera, phone, screen, or web cam and send it into the Livepeer network.
- Nodes running within the network will encode it into all the necessary formats to reach every supported device. Users running these nodes will be incentivized via fees paid by the broadcaster in ETH, and the opportunity to build reputation through the protocol token to earn the right to perform more work in the future.
- Any user on the network can request to view the stream, and it will automatically be distributed to them in near realtime.
