Livepeer, a decentralized live video streaming that built on the Ethereum blockchain, brings new hope for graphics processing units (GPUs). The New York-based firm launched its Streamflow testnet on Tuesday. It has led to the testing of video transcoding using idle chips already built into GPUs collaborating with various miners and developers.
As Streamflow is live now, the platform provides a better result in GPU mining. Even though GPU mining is considered to be faster and more reliable, the innovation from Livepeer goes beyond what is existing.
“The millions of GPUs out there that are mining cryptocurrency, ethereum, zcash, grin, monero, they have video encoding on those chips that can’t hash cryptocurrency,” says Livepeer’s founder Doug Petkanics.
Generally, a mining farm of a single currency does nothing other than mining. Whereas, integration of Streamflow with ethereum mainnet offers additional services such as earn both ETH in fees and Livepeer’s LPT token in block rewards.
According to Petkanics, additional revenue is generated at zero opportunity cost while using Streamflow. Now, it’s available for miners to test the platform to make Livepeer network scalable, reliable, and cost-effective for scaled video transcoding usage. Livepeer Alpha is not currently using GPUs, but using only CPU-based encoding.
The payment for miners is using probabilistic micropayments. As a result, they will get paid in lottery tickets. However, the miners who are testing won’t earn any return, Petkanics said. But, this testing will let them know how to operate the infrastructure effectively.
“Over time, you will earn exactly what you wanted to earn, and I will pay exactly what I wanted to pay, with high probability,” says Petkanics.
With $8 Million fundraising round in July 2019, Livepeer for the development of its infrastructure stands as a “token coordinating network.” The firm became very popular with its early token distribution service that is built using innovative technology, Merkle Mining.
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