In this article I will simply explain my staking experience with this ERC20 token, LPT.
What is livepeer?
First of all livepeer is a live streaming service, obviously decentralized, built on the ethereum blockchain.
How to stake LPT?
Livepeer has also a token, LPT, that is used to secure the network and to stimulate masternodes (called transcoders) to do that. Also the role of a transcoder could be encoding data of a video or a livestream.
So a token holder could stake his holdings to a transcoder, to let him gain importance, and earn some LPT, propotional to the total staked.
First of all you need LPT and to do that you need Ethereum or an ERC20 token to swap it for LPT. I used the brave wallet, which is an ERC20 wallet, to connect in the livepeer explorer web site:
https://explorer.livepeer.org/
So click Connect wallet and use your preferred method, if you use brave wallet you could connect through metamask.
Once you are connected you have to swap for LPT, and I used the uniswap.io service which is integrated in the livepeer explorer (GET LPT section).
WARNING: if you use BRAVE browser you must disable brave shields if you want to use uniswap here, otherwise it'll block the connection. If you don't want to do this, in the same way you could use the uniswap site.
Once you have LPT go to the orchestrator page and choose the best for you. I choose j1v becouse promises to have low fees, and in fact he is doing that. This is the link where j1v explains his ideas
https://forum.livepeer.org/t/transcoder-campaign-j1v/566/32
If you chose an orchestrator on the right panel you could enter the amount of LPT you want to stake, and press the stake button. There you go, conclude the transaction and you have your LPT staked.
Note that if you want unstake your amount you could to that at any time, simply go to your orchestrator and choose the unstake page.
General information
LPT value started at a very high point but now after a year it was stabilized around 1.33 usd.
On the 13th January 2020 the protocol was updated to streamflow that increases the limit of orchestrator from 30 to 100, and improves the project.
This update boosted the LPT value to over 2 usd.
Recently it has been inserted in the Grayscale's trust program.
For further more information visit:
https://github.com/livepeer/wiki/blob/master/WHITEPAPER.md
Thank you for reading this article, hope you enjoyed it and that it would be useful for you.
P.S.: I'm italian so if you notice some grammar errors please note those to me in the comments so that I could also improve my english,
Thank you
