Finding our Spark with Livepeer
Spark hackathon with Livepeer
During August the team took part in the Spark hackathon and focused on the Livepeer challenge. Livepeer is a scalable peer-to-peer video transcoding infrastructure that interacts through a marketplace secured by the Ethereum blockchain.
Transcoding is the process of converting a video or audio file from one encoding format to another so that no matter what bandwidth or device you have, you are provided with the optimal viewing experience.
How does Livepeer work then?
Firstly, a broadcaster subscribes to Livepeer and creates an account. When a viewer opens the broadcaster’s app and starts streaming, the app sends the live video and audio into the Livepeer network. Livepeer transcodes the video into all the relevant formats and bitrates that viewers can consume.
Within the network there are two important roles - delegators and orchestrators. Delegators are people who lock up their tokens for incentive purposes and allow orchestrators to transcode video. An orchestrator could be anyone with available computer resources such as CPU, GPU and bandwidth. This setup is a great opportunity for cryptocurrency mining rigs to use idle GPU capacity to transcode video and earn additional income.
As of today 12.9m tokens have been staked to secure the network and there are over 70k accessible GPU's, with more participants joining each day. For more info check out livepeer.com and livepeer.org.
For this hackathon we built upon our live streaming on demand concept, Peerkat, by creating our own video player and adding an ecommerce feature into the mix. Live streaming ecommerce is an exciting trend in China and legendary investment firm Andreesen Horowitz anticipate this trend to grow elsewhere in the world.
Our concept was well-received and the team picked up another award for meeting the challenge of building a decentralised live streaming application to help the world today. Eric Tang, Co-Founder at Livepeer commented:
“We were very excited about the vision for Peerkat, we think the team is creating something that the world needs right now! Given the current Covid situation, we think there is a big potential for it to become a successful business”
We look forward to working closely with Livepeer in the future and are excited to join their vibrant community.