Guess what! Which crypto competed with the grandpa of all cryptos, this time? It's not Ethereum or
meme coins; it's Livepeer cryptocurrency. Video streaming market’s monarchs, YouTube, Netflix,
and Twitch should exercise caution as a new champ, Livepeer, a decentralised video streaming network,
has entered the market. Livepeer is on a meteoric climb and has recently shattered
the previous record. Here, we'll look at the factors that led to
Livepeer's spectacular rise.
What is Livepeer, and how does it function?
Livepeer is a decentralised Ethereum-based technology that distributes video transcoding
tasks across its network. The protocol is designed to meet the tremendous demand for video streaming
that exists today. Enterprises and start-ups wishing to add on-demand
or live video to their services can use Livepeer’s scalable Platform-as-a-Service.
Furthermore, individuals who provide graphics power on this platform
are paid with a crypto token swapped for real-world money.
What makes Livepeer a threat to Netflix, YouTube, and Twitch?
Livepeer has set out on a mission to provide creators and programmers better alternatives,
promising reduced prices, higher reliability, and improved security. To compete with its
rival entertainment behemoths, Livepeer has raised US$20 million to fund the development of
its blockchain-based video streaming network. Livepeer has attracted funding from investors
like CoinFund, Northzone, and Coinbase. Earlier, Northzone led a group of institutional investors
in securing US$8 million in finance for the project. In addition, it has piqued
the interest of cryptocurrency investors who feel the project offers a credible solution. Moreover,
the project's growing revenue implies that the market is responding favourably to its appeal.
How does Livepeer compete against Bitcoin?
Cryptocurrency investors are looking for the next crypto to explode, and Livepeer
is at the top of the majority’s watch list. In a year, Livepeer has grown faster than Bitcoin.
Moreover, Livepeer has also surpassed Bitcoin in terms of new highs. Many potential
investors believe Livepeer will continue to rise after gaining 4431.7% in a year.
In contrast, the world's oldest cryptocurrency, Bitcoin, grew by only 335.4% in one year.
After Livepeer declared the acquisition of media streaming toolkit MistServer,
several investors rushed to buy LPT's token.
If you're looking for the next crypto to go boom, you may invest in Livepeer. The
cryptocurrency could be purchased through Kraken, Gemini, and Coinbase. You may
also purchase Livepeer on Binance or Gate.io using stablecoins like BUSD and USDT.
As per Fortune Business Insights, the worldwide video streaming market
is estimated to reach US$842.9 Billion by 2027. Thus, Livepeer has a lot of room for expansion
and owing to its cutting-edge technology; it might soon be at par with Netflix, YouTube, and Twitch.