Okay 2021, you got me.
DeFi, DAO's, Elon Musk tweets — I got caught up in the hype, made some money, and lost a lot more through the internet's most dazzling and wishful cryptocurrencies. The dream was good while it lasted, but the market's Jan. 2022 performance suggests hype alone will not sustain a coin's value anymore.
I think 2022's next wave will swell from coins that provide easy-to-understand utility. Livepeer -- an Ethereum-based video streaming network -- immediately caught my eye when I began to research cryptocurrency projects outside the typical store-of-value mindset. Here's why I'm bullish on the project's LPT token through 2022.
What is Livepeer?
Livepeer is a decentralized video streaming network built on the Ethereum blockchain. The Livepeer network connects video broadcasters to Livepeer nodes that do the computational tasks necessary before their content can stream across any screen, device, and platform.
Broadcasters pay to use the network with Ethereum, and network operators receive NPT tokens for transcoding video and validating work. The Livepeer network routes work to nodes according to their staked and delegated LPT token amounts. Delegate or node-owner staking rewards stand at about 20 percent yearly according to stakingrewards.com
Further detail gets technical very quickly, so I encourage anyone interested to read Livepeer's Project Overview
Livepeer vs YouTube and "free" video sharing
Livepeer enters a market dominated by well-established giants like YouTube, Facebook Live, Twitter, and other free streaming services. It's near-miraculous how easy it is for content creators to stream from anywhere in the world — all someone needs is an email account, a device with a camera, and a reliable internet connection.
The established video content platforms are not actually "free" however, and I think Livepeer's best chance at grabbing a slice of the global video sharing market depends on this distinction. Recent global unrest — and the censorship that often follows by those in power — demonstrates that content creators are only guests of the current internet's video-sharing infrastructure, not owners.
Social media's self-moderation over COVID-19 news made this unbalanced power-dynamic uncomfortably clear to the Western world, even when it stopped the spread of dangerous medical advice. And the daily censorship experienced by communities and journalists in parts of the world where robust debate is punishable by jail or torture makes it crystal clear.
Why Livepeer in 2022?
I'm bullish on Livepeer's 2022 performance for two simple reasons.
First, Livepeer opened the new year with a $20 million fundraising announcement. While I honestly couldn't tell you if this magnitude is big or small for a cryptocurrency project, its always a good sign when a project continues to attract funding.
Second, I feel like the market is losing interest in hype-based projects. NFT's, DAO's, Decentralized Finance, and a never-ending horde of meme-coins dominated 2021's news cycles and catapulted cryptocurrency's market capitalization near $3 trillion. The average investor however has almost no progress to point to outside their portfolio if they're lucky enough to remain above break-even. People are excited and eager for cryptocurrency to change their lives, and I think a project that concretely ties everyday realities like video-streaming to the blockchain will explode. Livepeer has the chance to be that project.
Where to buy Livepeer
Investors can buy Livepeer on several exchanges. I recommend BitYard, a crypto exchange and cryptocurrency derivative exchange with over 80 crypto spot trading pairs available. Livepeer's LPT token is available as an LPT/USDT pair. Here's my referral link. LPT traded at $26.88 per token at press time.
Final thoughts
Thanks for reading! I've had several thoughts swirling in my head about where I want to invest throughout 2022, and Publish0x's #MyCryptoOutlook2022 competition offered the motivation I needed to actually sit down and think seriously about it.
I'd love to hear the community's thoughts on Livepeer and other utility coins in general. Hopefully its not necessary, but I do feel obligated to encourage reader due diligence on cryptocurrency opinions published online, including my own. I'm bullish on Livepeer based on my limited understanding of the project. You may have more insight into whether my opinion is correct or not, and I'd love to hear it in the comments.
This opinion was posted as part of Publish0x's #MyCryptoOutlook2022 #Bityard writing contest. Bityard generously offered to donate 50,000 SHIB through The Giving Block, a platform that makes Bitcoin and other cryptocurrency fundraising easy for nonprofits, for every contest entry that includes the hashtag #TheGivingBlock. I'm happy to do so, and I encourage y'all to check out The Giving Block's website.
