Livepeer is happy to announce the Video Miner team, after answering Livepeer’s RFP to take over the technical operations of the Livepeer Community Node and being selected, has completed the transformation of the community node into a transcoding one.
The Livepeer Community Node is a special purpose node on the network that uses its LPT earnings to fund activities that contribute to the development and growth of the Livepeer Ecosystem. The funding for these activities is administered through the Livepeer Grants Program. The program provides funding for public goods on the network, including ideas and projects that have the potential for a significant positive impact on the Livepeer ecosystem and the future of open media technology, applications, and experiences.
Livepeer’s grants committee made this request for proposal because the node was perceived as a “vampire node” since it did not transcode. Moreover,
the operations of the node itself were a distraction from the work of the grants committee, which is focused more on evaluating grant applications and funding public goods and demand-generating apps within the Livepeer Ecosystem.
The Video Miner proposal stood out for its comprehensive approach to integrating transcoding capabilities into the Livepeer Community Node. Their solution leverages the Video Miner software, designed to seamlessly integrate with Livepeer Orchestrator nodes, empowering them to tap into a vast pool of GPU resources. Check out the main website here.
That proposal included a sophisticated operational and security plan ensuring the seamless function and safety of the transcoding operations. This initiative utilizes a pool of transcoders to ensure efficient video processing, distributing rewards and fees in a manner that incentivizes participation and supports the goals of the Livepeer Grants Program.
The fee and rewards structure is another interesting aspect of this project.
The node keeps a 50% reward cut and 100% fee cut, thus relying on charitable/benevolent delegators, and its own accrued stake, to continue to earn rewards. It is designed to keep the cornerstone role of the Grant Node for the Livepeer network while ensuring its operational sustainability. All transcoding fees are directed to the public transcoders and post-Orchestrator operational costs. For full transparency, the Video Miner team created a dashboard, where you can explore the operational metrics and progress of the initiative.
This strategic project delivers opportunities across the network, ensuring a sustainable and beneficial ecosystem for all stakeholders involved.
As Livepeer continues to innovate within the decentralized video space, the collaboration with Video Miner and the general Livepeer community underscores a shared vision where decentralized technologies empower creators and developers alike.