Web 3.0 cryptos are showing a real threat to the internet as we know it. Right now, much of the internet is controlled by a handful of tech giants. With Web 3.0, these crypto plays will migrate from the World Wide Web to the blockchain. They will put users in charge, allowing democratic means to steer networks and apps; this will create the most optimal product for the average user. Livepeer (CCC:LPT-USD) is one such network, promising to revamp the way we consume live-streamed content online through blockchain tech. The Livepeer crypto is now catching many investors’ attentions, too. It is preparing a network migration that stands to make it even more efficient and user-friendly.
Livepeer is an open-source blockchain network focusing on bringing streaming services to the blockchain. It uses “video mining” as a way of keeping streams high quality and efficient; users with the bandwidth requirements necessary can elect to transcode the streams and receive LPT rewards for helping to support the network. As an open-source protocol, the network opens itself up so that any developers can participate in the cultivation of the network. Additionally, developers can utilize the protocol for adding live video-streaming capabilities to their dapps.
The Livepeer network came to fruition back in 2018 with the launch of its LPT token. Ever since, it has been building momentum as a streaming service. Now, there’s increasing interest in Web 3.0 cryptos, and LPT is booming in popularity. Indeed, the network is seeing millions of dollars worth of LPT transacted each day.
Livepeer Crypto Is Becoming a Popular Blockchain Video Play Thanks to Web 3.0 Crypto Interest
The Livepeer crypto network is gaining interest because it presents a product that’s essential to the future of Web 3.0 cryptos, of course. But, recent days have been especially kind to Livepeer. Thanks to the issues present with Amazon’s (NASDAQ:AMZN) Web Services, there is an obvious reason to turn to Livepeer’s user-driven streaming network.
Indeed, the two AWS outages in December are ramping up interest in Web 3.0. Users see how highly dependent the internet is on a single corporation for nearly a third of all internet traffic. Of course, much of the remaining two thirds of traffic is attributed to other tech giants like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL). Even if the internet didn’t rely on these companies for infrastructure, the live streaming market is still dominated by this pair of companies; Amazon owns Twitch.tv and Alphabet owns YouTube, the two leaders in live streaming revenue by far.
Interest is moving toward an alternative to these two options, and Livepeer is an appealing option. It is continuing to bolster its ecosystem, too; the Livepeer protocol is undergoing a community vote to move to Ethereum’s (CCC:ETH-USD) layer-2. This network migration will decongest transactions on the network and significantly reduce gas fees for participants. The vote demonstrates the network’s willingness to adhere to users’ desires, while also maximizing network efficiency and reducing the risk of failure.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
