Livepeer's meteoric rise: Is it a threat to Netflix, YouTube, and Twitch?

4 min read | November 13, 2021 01:12 AM AEDT | By Aditi Saha

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Livepeer's meteoric rise: Is it a threat to Netflix, YouTube, and Twitch? — Image source: © Babyd2 | Megapixl.com

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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 a decentralised Ethereum-based technology that distributes video transcoding tasks across its network.

It raised US$20 million to fund the development of its blockchain-based video streaming network.

Guess what! Which crypto competed with the grandpa of all cryptos, (Bitcoin), 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's meteoric rise Is it a threat to Netflix, YouTube, and Twitch

Livepeer is on a meteoric climb and has recently shattered the previous record. It was more than doubled in morning trade on 9 November 2021 to an all-time high exceeding US$83. Remarkably, this is an excellent time for anyone who uses an LPT token.

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 LPT's scalable Platform-as-a-Service (PaaS).

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?

Video is the primary form of web entertainment, and Livepeer, which was formed in 2017, has shown to be a boon in the video streaming platform. However, other entertainment behemoths such as Amazon Inc.'s Twitch, Google LLC's YouTube, and Netflix may face stiff competition in the future.

Livepeer has set out on a mission to provide creators and programmers better alternatives, promising reduced prices, higher reliability, and improved security.

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To compete with its rival entertainment behemoths, Livepeer attempted numerous efforts. For example, it just 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.

Related Article: How Kraken’s U-turn impacted Shiba Inu prices

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. MistServer's acquisition is intended to speed up Livepeer's adoption.

While Shiba Inu and Dogecoin are the recent craze among investors, many are looking for long-term investments, such as Livepeer, for more secured returns.

From where to purchase LPT crypto?

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.

What's next?

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.

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