The Livepeer (LPT) project is a network built on Ethereum and focused on building infrastructure to enable developers to make video streaming applications. A network of node operators runs Livepeer, all token holders.

Each node runs the Livepeer Media Server, the project's own open-source media server. Unlike other video streaming services, Livepeer does not host or store videos but instead optimizes the use of excess computational resources to transcode video.

For developers, building a video streaming application can be expensive due to file size, hosting, and outsourcing transcoding to centralized transcoding and distribution companies. Livepeer aims to lay the groundwork for decentralized video streaming, resulting in a cheaper and scalable solution on which developers can build.

To run a Livepeer node, token holders must hold and stake their LPT tokens to delegate nodes and contribute computational power and bandwidth to video transcoding. Developers building apps using Livepeer pay fees to utilize the infrastructure. Node operators then receive these fees in ETH.

To function, Livepeer needs several key components to work together in harmony. Similar to validator nodes, orchestrator nodes interact with the protocol and seek video transcoding jobs to send to transcoder nodes. #lpt $LPT