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Livepeer has raised $20 meg for its decentralized video transcoding network built on the Ethereum blockchain. Information technology'southward another sign that blockchain, the transparent and secure digital ledger behind cryptocurrency, is inspiring a ocean modify in computing toward decentralization.

DCG led the round with participation from Northzone, Coinbase Ventures, CoinFund, Mike Dudas' sixth Man Ventures, and Animal Ventures. The company previously raised an $8 million institutional circular led past Northzone.

Livepeer'southward network empowers developers to provide cost-effective, resilient, and scalable video streaming. Its core utility is processing raw video submitted by apps and turning information technology into loftier-quality and reliable streams for viewers.

The creator economic system

As a fundamental part of the creator economy, the raw volume of live streaming video continues to grow chop-chop. Across all platforms worldwide, live streaming minutes doubled from 2019 to 2020, with viewers watching a full of 27.nine billion hours.

Yet there's another side to these numbers: With the top platforms owned by Amazon (Twitch), Google (YouTube), and Facebook (Facebook Live + Gaming), there is little room for challengers, Livepeer said. Most startups end up using transcoding infrastructure owned by one of the giants, essentially lining the pockets of a competitor.

As the beginning decentralized video streaming network, Livepeer is an culling to existing gatekeepers, said CEO Doug Petkanics, in a statement. The company's open video infrastructure allows the adjacent generation of creator economy services to rely less on centralized infrastructure that'south expensive and subject to the whims of big tech.

Livepeer's on-demand platform provides scalable streaming at a cost-effective price without sacrificing functioning or reliability, according to the company. That manner, developers tin build world-class livestreaming apps at a fraction of the cost of cloud providers, Petkanics said.

Equally more content innovators seek to capture some of the $70 billion video streaming market, the Livepeer network has been growing steadily. It regularly transcodes over a million minutes per calendar week, with some weeks easily exceeding 2 meg minutes. Livepeer'southward growth is being driven by the booming creator economic system, where applications need infrastructure to manage hundreds (or thousands) of streamers broadcasting live video concurrently.

Thanks to its network of seventy,000 graphics processing units (GPUs), the Livepeer network can encode all the real-time video streaming through Twitch, Facebook, and YouTube combined. The streaming infrastructure needs volition but increase as VR/AR applications and loftier-resolution formats similar 4K and 8K video movement into the mainstream.

Building Web3

In a higher place: Livepeer is taking share dorsum from the big video companies.

Image Credit: Livepeer

Northzone partner Wendy Xiao Schadeck said in a argument that Livepeer has a laser focus on building Web3 engineering that impacts real users. She said she is excited to see the team proceed to realize their vision of decentralized video while creating a amend feel for developers and streamers.

The funding volition exist used to aggrandize the squad and continue investing in the Livepeer protocol, including expanding into new apply cases such as scene classification, object recognition, song-title detection, video fingerprinting, and video stack expansion.

Petkanics and Eric Tang founded the visitor in 2017 with the aim of enabling livestreamers to bring their content to the marketplace affordably without big usage fees. To date, Livepeer has streamed tens of millions of minutes, passing a key milestone: a record 2.3 million minutes streamed in a single calendar week, a six-fold increase from the commencement of 2021.

The founders noticed that the domination of the large tech companies creates weird dynamics where a new streaming service merely lines the pockets of a competitor.

"We started Livepeer to rebalance these dynamics and ability video streaming applications at a highly efficient cost, with infinite scale," Petkanics said in an electronic mail to VentureBeat. "Livepeer enables innovations that aren't economically viable under traditional, centralized cost structures. These new dynamics will unlock new ways to communicate and entertain, as well as a new way to earn returns from digital assets."

The marketplace is massive, as streaming infrastructure needs volition only increase every bit VR/AR applications and loftier-resolution formats similar 4K and 8K movement into the mainstream across amusement and gaming. The visitor has twenty employees.

Why it matters

To a higher place: Livepeer is for devs, users, and broadcasters.

Image Credit: Livepeer

Video is almost 80% of the content on the net. A crypto-coordinated video infrastructure can tap into a competitive network of operators to enable a global, scalable, cost-effective infrastructure, with token holders and node operators competing to earn a slice of that spend, Petkanics said.

"Rather than the dollars flowing into the margins of the centralized big tech infrastructure platforms, they flow into the network of token holders and node operators. As video grows, so does the addressable market of the Livepeer network," he said.

Livepeer's network has 2 parts: infrastructure and staking. On i side, the company has node operators that perform transcoding by harnessing GPUs that may exist used for other tasks, similar crypto mining. These node operators are rewarded based on minutes processed. Livepeer's network already features over 70,000 GPUs, which is enough aggregated ability to encode all of the video streaming through Twitch, YouTube and Facebook combined.

"On the other, we have community participants that support network security by staking tokens, and in return, they tin earn a portion of the fees," Petkanics said. "Past adjustment interests, Livepeer's open video infrastructure allows the adjacent generation of creator economy services to rely less on centralized infrastructure that'southward expensive and subject area to the whims of big tech. That way, developers can build world-grade livestreaming apps at a fraction of the price of deject providers."

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