Livepeer CTO, Eric Tang, believes that by incentivizing people to run video encoding services on a distributed network it will be possible to build highly scalable video applications with no single point of failure.
Eric Tang, CTO of Livepeer:
“I think the trick is figuring out in the current moment what’s the thing that’s going to help the project grow. When you build any kind of marketplace, at any given time, you’re constrained by either side. So we have to decide what’s the next thing to help the marketplace grow.”
With big technology companies powering so much of what we do everyday, it’s easy to forget that the underlying infrastructure is complicated. This is especially true of video. When someone wants to build an application that leverages video, they either have to be willing to give up a significant amount of control to companies like Amazon and Google, or they have to be able to traverse the complex world of video encoding themselves. Livepeer is changing that. CTO, Eric Tang, believes that by incentivizing people to run video encoding services on a distributed network it will be possible to build highly scalable video applications with no single point of failure.
With the alpha version of their mainnet launched in May of 2018 and a successful token sale to help fund and incentivize the network, Livepeer went to work on making their protocol as decentralized as possible as quickly as possible. Livepeer’s launch announcement described the platform like this:
“Any broadcaster or developer who wants to broadcast video can send it into the Livepeer network, and the network will take care of transcoding and distribution so that the video can reach users on all different device types and connection speeds.”
We had a chance to talk with Eric about building out the network, serving two types of customers, growth challenges, and more.
How does LivePeer define growth as a company?
Growth to me is simply the usage of the platform growing. Usually, there’s a use case for whatever you’re developing. For us, that’s transcoding video. At a more granular level, growth for us is the amount of video that gets transcoded on the network and growth of the community. Community is vital for any decentralized project. So we look at the number of people participating in the protocol in any way as a signal of growth.
What has been the most difficult part of growing LivePeer so far?
LivePeer serves a marketplace of node operators and people who need the video services. So, the most difficult part for us is that the two sides of the marketplace are often times disparate. The people using the platform to transcode video are totally different from those using the tokens to stake. We’re speaking to two different audiences and creating products to help growth on both sides, and it can be challenging to balance who to prioritize and when.
Is there a way to overcome that and help your growth, or is that just an inherent problem in marketplaces?
I think the trick is figuring out in the current moment what’s the thing that’s going to help the project grow. When you build any kind of marketplace, at any given time, you’re constrained by either side. So we have to decide what’s the next thing to help the marketplace grow. It could be signing up more people to provide infrastructure or getting more people to transcode video on the platform.
What tools do you wish existed to help LivePeer with growth?
I think the tools are going to be different depending on the stage where you’re at. I can speak to our current stage. On the video transcoding side, I think developer support for making it as easy as possible to use LivePeer as a platform is something that’s really helpful. Anything from on-ramps for developers into the crypto ecosystem or analytics tools for people to understand the usage. If we are talking about the Ethereum network, the app developer needs all these tools to make development more effective. They need a development framework, and gas tracking, etc. The same applies to LivePeer.
For the supply side of the network, I think people care about community and information. Educating the community is key and supporting the community is useful.
What are your predictions for Web3/Blockchain growth in 2020?
I think for one, we’ll start to see cross-chain compatibility happen in a bigger way. Different chains being able to more effectively communicate with each other will be important and more prevalent. Another thing that might happen is I feel like the DeFi space is going to play itself out. Things are either going to work and it’ll be established or they’re going to work and people will have to pivot. In the past 6 months, the interest rates have been really high and so now we’re going to see how that all plays out in 2020.
How does Livepeer incentivize people to run video encoding services on a distributed network?
Livepeer incentivizes people to run video encoding services on a distributed network through a token-based reward system. Users who contribute their computing resources to the network are rewarded with Livepeer tokens as an incentive for their participation. These tokens can then be exchanged for other cryptocurrencies or used within the Livepeer ecosystem. This approach creates a mutually beneficial relationship where users are motivated to contribute and the network is powered by a decentralized and scalable infrastructure.
I agree with Eric Tang’s perspective. Incentivizing people to run video encoding services on a distributed network is a great way to ensure highly scalable video applications with no single point of failure. It’s refreshing to see Livepeer offering an alternative to relying solely on big technology companies. Excited to see the future growth of this project!
How does Livepeer incentivize people to run video encoding services? Is it by offering monetary rewards or some other form of incentives?
Livepeer encourages people to run video encoding services on their distributed network by offering both monetary rewards and other forms of incentives. They believe that by providing a combination of financial compensation, reputation rewards, and governance opportunities, they can create a strong and sustainable community of video encoders. This approach helps ensure that the network remains highly scalable with no single point of failure. So, it’s a win-win situation for both the participants and the users of the platform.
How does Livepeer incentivize people to run video encoding services? Can you provide more details on the distributed network they use?
Livepeer incentivizes people to run video encoding services on a distributed network by providing them with rewards for their participation. The distributed network they use allows for decentralized video encoding, where multiple participants contribute their computing power to process and encode videos. This approach ensures that no single point of failure exists and that video applications can scale effectively. If you’d like more specific technical details, I can provide them.
I agree with Eric Tang’s opinion. Incentivizing people to run video encoding services on a distributed network is a brilliant idea. It will not only create highly scalable video applications but also eliminate the risk of a single point of failure. This will revolutionize the way we leverage video in our applications.
I agree with Eric Tang’s perspective on incentivizing people to run video encoding services on a distributed network. It is indeed a smart way to build highly scalable video applications with no single point of failure. This will provide more control and options for developers, reducing dependence on big technology companies. Exciting times ahead!
I believe Eric Tang’s idea of incentivizing people to run video encoding services on a distributed network is brilliant. It will definitely help in building highly scalable video applications without any single point of failure. As he mentioned, when building a marketplace, it’s important to decide what will help it grow next. I’m excited to see how Livepeer progresses.
I totally agree with Eric Tang’s viewpoint. Incentivizing people to run video encoding services on a distributed network can definitely lead to highly scalable video applications with no single point of failure. It’s crucial to keep evolving and finding ways to grow in this competitive marketplace.
I believe Eric Tang’s approach of incentivizing people to run video encoding services on a distributed network is revolutionary. It will allow for the creation of highly scalable video applications without relying on a single point of failure.
I completely agree with Eric Tang. Building a distributed network for video encoding services is a great solution to avoid relying on big technology companies. It not only ensures scalability but also eliminates the risk of a single point of failure. Exciting times!
I completely agree with Eric Tang. By allowing people to run video encoding services on a distributed network, we can eliminate the need for dependence on big tech companies. This will not only foster innovation but also ensure highly scalable video applications with no single point of failure.
I completely agree with Eric Tang’s perspective. Building a highly scalable video application without a single point of failure is the need of the hour. It’s time to decentralize video encoding services and incentivize people to contribute to the distributed network. This will empower developers to have more control over their applications and reduce dependency on big tech companies. Exciting times ahead!
“I completely agree with Eric Tang’s perspective. Incentivizing people to run video encoding services on a distributed network is a game-changer. By doing so, we eliminate the reliance on big tech companies and create a more scalable and robust video application ecosystem.”
“I think Eric Tang’s approach to incentivizing people to run video encoding services on a distributed network is revolutionary. By doing so, we can finally build highly scalable video applications with no single point of failure.”
“I completely agree with Eric Tang. Building a distributed network for video encoding services is the way to go. It not only ensures scalability and reliability, but also reduces dependence on big tech companies. Excited to see the growth of Livepeer!”
I totally agree with Eric Tang’s perspective. By incentivizing individuals to run video encoding services on a distributed network, we can revolutionize the way video applications are built. This approach eliminates the need for centralized control and ensures scalability without any single point of failure.
What are the main challenges in incentivizing people to run video encoding services on a distributed network?
The main challenges in incentivizing people to run video encoding services on a distributed network are ensuring fair compensation for their efforts, guaranteeing the security and privacy of the videos being encoded, and creating a user-friendly platform that makes it easy for individuals to participate. It requires a comprehensive incentive system, robust encryption techniques, and a seamless user experience to overcome these challenges. However, by addressing these obstacles, we can unlock the potential of scalable video applications with no single point of failure.
I completely agree with Eric Tang. Building a distributed network for video encoding services will ensure highly scalable video applications with no single point of failure. It’s time to challenge the dominance of big tech companies and take control.
It’s great to see companies like Livepeer taking on the challenge of decentralizing video encoding. By incentivizing individuals to run encoding services, they are paving the way for highly scalable and reliable video applications. Kudos to Eric Tang, CTO of Livepeer, for his innovative approach!
How does Livepeer incentivize people to run video encoding services on a distributed network? Does it involve any kind of reward system?
Yes, Livepeer incentivizes people to run video encoding services on a distributed network by using a reward system. Participants who contribute their computing power and resources to the network are rewarded with Livepeer tokens (LPT). These tokens can be used within the Livepeer ecosystem or exchanged for other cryptocurrencies. This incentivizes individuals to be part of the network, ensuring scalability and eliminating a single point of failure. Hope that answers your question, Samantha86!
I totally agree with Eric Tang’s opinion. Incentivizing people to run video encoding services on a distributed network is a great way to ensure highly scalable video applications with no single point of failure. It’s so important to have alternatives to big technology companies for more control and flexibility. Exciting times for video applications!
I think the trick is figuring out in the current moment what’s the thing that’s going to help the project grow. When you build any kind of marketplace, at any given time, you’re constrained by either side. So we have to decide what’s the next thing to help the marketplace grow.
Isn’t it challenging to incentivize people to run video encoding services on a distributed network? How do you ensure consistent quality and reliability?
Incentivizing people to run video encoding services on a distributed network can indeed be challenging, but it’s crucial for scalability and reliability. Eric Tang and the Livepeer team are focused on implementing robust quality control measures to ensure consistent performance across the network.
What challenges did Eric Tang face in implementing the incentivization strategy for running video encoding services on a distributed network?
Eric Tang, as the CTO of Livepeer, faced several challenges in implementing the incentivization strategy for running video encoding services on a distributed network. One of the main challenges was ensuring a fair reward system for participants while maintaining the scalability and efficiency of the network. Additionally, there were technical hurdles related to optimizing the encoding process and ensuring data security on a decentralized platform. Eric Tang and the team at Livepeer had to navigate these challenges to create a robust and reliable system for incentivizing video encoding services.
Will the incentivization strategy proposed by Eric Tang truly revolutionize the way video applications are built and operated?
Why is incentivizing people to run video encoding services on a distributed network seen as the key to building highly scalable video applications with no single point of failure?
“I believe the key is to figure out in the current moment what the thing is that will help the project grow. When you’re building any kind of marketplace, you’re always constrained by either side at any given time. So, we have to determine what the next step is to aid the marketplace’s growth.”
I believe that incentivizing people to run video encoding services on a distributed network is a brilliant approach to achieving highly scalable video applications. Eric Tang’s perspective is valuable in navigating the complexities of video infrastructure and market growth.