Livepeer has created an ecosystem where stakeholders can earn crypto by taking part in the distributed live video transcoding network that Livepeer provides. It’s easier than you might think! I’ll walk you through all the steps you need to take in order to get your hands on some Livepeer tokens and earn some real money doing something that you probably do everyday anyway.
My first week with Livepeer
I’ve been interested in earning cryptocurrency for a while now, and when I heard about Livepeer, I was intrigued. I decided to set up a node and start staking my LPT. After my first week, I’m really happy with the results. Not only have I earned some LPT, but I’ve also gained a better understanding of the technology and how it works. And the best part is that anyone can do this. You don’t need an IT degree or specialized skillset – you just need to know your way around a computer and be willing to put in the time. The hard work pays off. I already feel like I’ve made back what I invested in setting up my node (laptop and internet connection) within the first few days, and then some! Plus, now I get to enjoy being a part of the community. Even if you’re not into getting paid for contributing processing power to blockchain networks, there are plenty of other ways to earn cryptocurrency by simply using their platform as a user: from creating apps on top of Ethereum smart contracts on mobile devices to hosting tournaments for gamers on TwitchTV. I plan to do more writing on the topics surrounding cryptocurrency so stay tuned! I found out about Livepeer through Crypto20, which allows me to invest in different cryptocurrencies by pooling funds together.
Livepeer seems like a good opportunity because they have big plans and lots of activity. There’s no denying that blockchain technology has changed the world, but we still haven’t solved scaling issues yet–this could be where live streaming comes in.
The Value of the LPT token
The LPT token is the native token of the Livepeer network and has a few different uses. It’s primarily used as a staking token, meaning that users can lock up their tokens to help power the network in exchange for rewards. With the recent rise in value of Bitcoin (BTC) and Ethereum (ETH), this becomes an attractive proposition. There are also occasional auctions which allow holders to trade off some of their tokens for fiat currency or other cryptocurrencies like BTC or ETH. When you stake your LPT tokens on the network, they get locked up until they start generating revenue. That means you need to decide how long you want to stake them and take into account any fluctuations in price. We recommend that people only stake if they believe in the future success of Livepeer and believe there will be demand for their services when they come back online. If you plan to use the money right away, it might not be worth locking it up. But if you’re investing for the long term, then locking up your funds can make sense. It’s important to know what your timeline is before making this decision!
Why you should get involved in the community
1. Get involved in the community. The more you participate, the more you’ll learn about the project and be able to contribute meaningfully.
2. Stake your tokens. The more LPT you stake, the higher your rewards will be.
3. Run a node. You’ll need to put up some collateral, but running a node is one of the most effective ways to earn LPT.
4. Transcode video. If you have a powerful computer, you can help Livepeer by transcoding video and earning rewards in return.
5. Bond with other nodes. By bonding your tokens with other nodes, you can increase your chances of being selected as a transcoder and earning rewards. Bonds are temporary, so you can withdraw at any time. The earlier you bond your tokens, the better chance you’ll have of earning rewards.
Successful bonds are rewarded with token staking privileges on the blockchain; users who successfully bond their tokens are eligible for block rewards according to their proportional contribution to the total number of bonds they’ve been successful in securing on behalf of all participating nodes.
Smart ways to use your tokens
1. Use your tokens to vote for the right validators.
2. Participate in governance and help make decisions about the future of the protocol.
3. Stake your tokens to earn more rewards.
4. Use your tokens to buy goods and services from participating merchants.
5. Hold onto your tokens and watch them appreciate in value over time.
6. Trade your tokens on exchanges for other cryptocurrencies or fiat currency.
7. Give your tokens away to friends, family, or charities. Spread awareness by sharing it on social media or hosting a local meetup.
Some people choose to speculate in trading their coins. Keep in mind that cryptocurrency is volatile and can go up or down drastically in any given period of time. When trading, don’t risk more than you’re willing to lose! You should never trade what you aren’t willing to lose. Be aware of the risks before diving into investing and be sure not to get too greedy when trying to capitalize on quick profits.
Tips for earning more LPT
1. Get involved in the community. The more you engage with other users, the more likely you are to be rewarded for your contributions.
2. Be active on social media. Livepeer has a strong presence on Twitter and Reddit, and being active on these platforms can help you earn more LPT.
3. Create helpful content. Whether it’s a tutorial or a blog post, if your content is helpful, you’re more likely to be rewarded by the community.
4. Use your referrals. If you refer someone to Livepeer, you’ll earn a percentage of their fees.
5. Stake LPT. The more LPT you stake, the higher your rewards will be.
6. Vote for protocol changes. One of the best ways to maximize your earnings is to vote for protocol changes that benefit all Livepeer members. You have one vote per week, so use it wisely!
7. Buy and sell OTP tokens. While this doesn’t generate much profit per trade (typically only 0.3% – 0.5%), it’s still possible to make a small profit off of trading OTP tokens, which can eventually accumulate into something significant over time as long as you trade responsibly and consistently!
8. Make referrals again! For every person that you refer who stakes LPT, you’ll receive an additional 10% commission when they reach payout (up to 25%).