Launching the Livepeer Network, Merkle Mine to claim Livepeer Tokens



Livepeer is decentralized live video streaming. They just launched an alpha version on the Ethereum mainnet.

They are using a process called a Merkle Mine to distribute Livepeer Tokens. Initially, there is a 3 month slow start where Ethereum accounts need to have 0.1 ETH or more in order to receive their tokens.

From the Livepeer Merkle Mine backgrounder:

Most Livepeer Token (LPT) will be generated through the protocol by participants who do work on the network by staking, transcoding, and delegating. But since one needs token in order to stake to begin doing work in the first place (unless you can get others to stake towards you), there needs to be an initial state of token spread across the potential users of the network. This post is an introduction to an algorithm called the Merkle Mine which is one method for setting up this genesis state.

The Livepeer participate page describes both how to Merkle Mine and what to do next to work with the alpha. The up-to-date link to the Livepeer Merkle Mine Dapp is on their Github page. I successfully completed it with my Chromebook plus Metamask plugin, would be interesting to hear if it worked with Trust Wallet or other mobile dapp browser.

The walkthrough of the dapp is here so you can get a sense of the steps. I didn’t have any trouble and received a couple of LPT tokens.

This is all complicated, meaty stuff. Peer-to-peer video streaming to save on bandwidth and transcoding is a very interesting application and another that I’ll follow closely.