An altcoin backed by Coinbase Ventures and Digital Currency Group is surging after a month of big milestones.
Ethereum-based video streaming project Livepeer (LPT) soared to a new all-time of high today of $100.99, rallying more than 152% within a 24-hour period.
Livepeer says it’s working to build “scalable and cost-effective” solutions for online video content creators.
“Livepeer is a scalable Platform as a Service for developers who want to add live or on-demand video to their project. It aims to increase the reliability of video streaming while reducing costs associated with it by up to 50x.
To achieve this Livepeer is building p2p [peer-to-peer] infrastructure that interacts through a marketplace secured by the Ethereum blockchain.”
Livepeer has garnered $31 million in funding from over a dozen investors, including crypto industry titans Coinbase Ventures and Digital Currency Group.
In October, the company acquired media server MistServer, commissioned its first NFT (non-fungible token), and co-hosted COLLIDE, “the first-ever concert with live NFT minting.”
The MistServer acquisition seeks to cement Livepeer’s primary goals of being scalable, affordable, and reliable.
“Livepeer’s mission is to build the world’s open video infrastructure… Together, Livepeer and MistServer provide a disruptive infrastructure that offers a high-quality, low-cost alternative to the traditional proprietary vendors running on expensive big tech cloud platforms.”
Livepeer was founded in 2017 to address the cost of bandwidth and transcoding for video on the internet. It launched on the Ethereum network in May of 2018.
The price of LPT currently sits at $88.80, and the altcoin is now the 86th-largest crypto by market cap.
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Featured Image: Shutterstock/Pavel Chagochkin