Livepeer is a decentralized protocol for live video streaming, built on Ethereum. It uses a delegated proof-of-stake consensus where participants stake LPT tokens to coordinate work and secure the network. The system verifies transcoding tasks efficiently and prevents fraudulent activities.

The LPT token facilitates network functions like staking and delegation, directing work proportionally to stakes. It enables services such as transcoding, DVR, and ad insertion. Broadcasters pay in ETH for services, while node operators earn fees. LPT also supports future ecosystem features and uses algorithmic issuance for distribution.