Livepeer is a platform for video transcoding and distribution that allows users to create and broadcast video sessions to viewers globally. Videos are sent to the Livepeer network, which transcodes them into formats and bit rates that viewers can consume. The Livepeer Token (LPT) is a staking token used to coordinate work on the network and provide security that the work is done honestly and correctly. Broadcasters use Ethereum's Ether (ETH) to broadcast videos, while nodes earn fees in ETH for contributing processing and bandwidth to the network.
