Livepeer (LPT) is a network built on the Ethereum Blockchain for transcoding live and on-demand videos. Livepeer (LPT) leverages Blockchain technology to create a more efficient, affordable, and decentralized solution for video transcoding. In this article, you can find answers to two frequently asked questions: What is Livepeer (LPT), and how to buy Livepeer (LPT) with TRY.
What is Livepeer (LPT)?
Livepeer aims to be much more than a typical video streaming service like YouTube. Instead of hosting, storing, and distributing video content, Livepeer focuses on transcoding raw video into different formats to ensure compatibility across various devices and networks. Livepeer aims to facilitate the seamless sharing of video content from publishers to consumers more efficiently and cost-effectively by leveraging excess computing power.
Video streaming constitutes a significant portion of global internet bandwidth usage, and transcoding is one of the most expensive elements for publishers. Traditionally, publishers have had to make significant investments in hardware and infrastructure to perform transcoding. Livepeer aims to capture this market by providing publishers access to a decentralized network of thousands of processors, allowing them to transcode videos securely, efficiently, and cost-effectively.
At the heart of the Livepeer ecosystem is the Livepeer Token (LPT). LPT coin is used to secure the Livepeer network and coordinate the responsibilities of participants supporting the video transcoding process. Unlike traditional video streaming platforms, Livepeer does not rely on a central authority to manage transcoding tasks. Instead, participants stake LPT coins to become orchestrators responsible for transcoding and distributing video content on behalf of publishers and developers.
Livepeer was founded in 2017 by Doug Petkanics and Eric Tang. Unlike many Blockchain projects that conduct coin sales, Livepeer chose a different approach. The initial distribution of LPT coins was allocated to the community, founders, early team members, and a long-term development fund, ensuring a fair and decentralized distribution of the coins.
The distributed architecture of Livepeer revolves around orchestrators, participants with sufficient computing power to transcode and distribute video content. Orchestrators stake LPT coins to guarantee the quality of their work. Livepeer also offers the role of delegators, who stake their LPT coins with trusted orchestrators to contribute to the video transcoding process.
Both orchestrators and delegators earn fees paid by video publishers for their roles in providing a high-quality and secure network. These fees, payable in ETH or stablecoins like DAI, are proportional to the amount of LPT coins staked by the orchestrators and delegators. Livepeer also periodically mints new coins shared among orchestrators and delegators to incentivize their participation in the network.
How to Buy Livepeer (LPT) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Livepeer (LPT). On Binance TR, where you can quickly create an account, you can buy and sell over 100 cryptocurrencies, including LPT. To buy Livepeer (LPT) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be carried out before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website, depending on your preference. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process with your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that is suitable for you.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and the information in the photo can be easily read when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible after the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed in a short time.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account through all banks. You can deposit and trade 24/7 with your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TRY 24/7 with FAST. Deposits over 50,000 TRY from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. Now, all you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy LPT Coin with TRY on Binance TR?
After the deposit process, you can proceed to the TL to LPT coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to LPT purchase page by typing “LPT” in the search section on the right side of this page and clicking on the LPT/TRY option from the results.
Now the following LPT trading page will open. In this page, in the area marked with a red box, you need to enter the price at which you want to buy LPT in the first box and the number of LPT you want to buy in the second box. After entering the amount, you can complete your purchase by clicking on the “Buy LPT” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
