As Livepeer is built on the [Ethereum](https://coinmarketcap.com/currencies/ethereum/) blockchain, the platform utilizes a modified version of a delegated proof-of-stake ([DPoS](https://coinmarketcap.com/alexandria/glossary/delegated-proof-of-stake-dpos)) consensus mechanism. In a DPoS mechanism, there is no mining at all. Instead, the validation of new blocks on the blockchain happens based on the number of coins staked. This is what differentiates Livepeer from consensus mechanisms as the one Bitcoin uses. While Bitcoin’s proof-of-work ([PoW](https://coinmarketcap.com/alexandria/glossary/proof-of-work-pow)) mechanism requires a large amount of electrical and computing power, the DPoS systems are more ecologically conscious and easily scalable. Not only that, LIvepeer benefits from the extensive DApp universe already established by the Ethereum blockchain, which further boosts the usability of the network.

Livepeer has a maximum supply of 22,906,951 LTP tokens and a total supply of 22,859,012 LTP tokens. The circulating supply is 21,164,655 LPT. Of the total supply, founders and early team members split amongst themselves about 12.35%, which has a vesting period of 36 months from network launch. Another 19% of tokens were directed towards pre-sale purchases. The largest amount of tokens, 63.437%, was distributed towards crowd sales. Finally, 5% of the total token supply is reserved for maintaining the Livepeer network, ensuring the project’s future development.

Livepeer is a unique project because it aims to revolutionize the broadcasting industry by employing the powers of blockchain technology. The open-source platform allows users and developers to participate in the management and improvement of the platform freely. The growing capabilities of digital cameras for producing high-quality video content drive the development of the broadcasting industry, and Livepeer aims to further boost this process by allowing users to benefit from decentralized computing power and crypto-economic incentives for bootstrapping and participation. Livepeer is becoming a leading industry platform, as it allows users to participate in numerous ways. The platform offers opportunities for pay-as-you-go content consumption, auto-scaling social video services, uncensorable live journalism, and video-enabled [DApps](https://coinmarketcap.com/alexandria/article/how-to-access-dapps-on-your-mobile-phone). Livepeer is transforming the live video streaming process and is on the road to becoming an industry leader.

Livepeer is an open-source protocol, which means that developers can freely contribute to the underlying code on GitHub. Livepeer Inc is the legal entity behind the Livepeer platform. Livepeer Inc was founded by [Doug Petkanics](https://www.linkedin.com/in/dougpetkanics/) and [Eric Tang](https://www.linkedin.com/in/ericxtang/). Doug Petkanics graduated with a degree in computer science from the University of Pennsylvania in 2006. Since then, he has been an integral part of several big names like Groupon and Wildcard. In 2006, he joined Accenture as an analyst, and in 2010 he co-founded Hyperpublic, which Groupon later acquired. In 2013, Petkanics co-founded Wildcard, a publishing platform, and web browser. Since 2016, he has been at the center of development for Livepeer. Eric Tang graduated with a degree in electrical and computer engineering from Carnegie Mellon University. In 2008, he joined Next Jump as a software developer, and in 2010 he became a product manager for Clickable. In 2010, he teamed up with Doug Petkanics and co-founded Hyperpublic. Since then, the duo has worked together on Wildcard and later on Livepeer.

Launched in 2017, Livepeer is the first live video streaming network protocol that is fully decentralized. The platform aims to become a viable [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain)-based, economically efficient alternative to centralized broadcasting solutions for all new and existing broadcaster companies. To learn more about this project, check out our deep dive of [Livepeer](https://coinmarketcap.com/alexandria/article/what-is-livepeer). As stated in the [official Livepeer whitepaper](https://github.com/livepeer/wiki/blob/master/WHITEPAPER.md#introduction-and-background), the live video streaming and broadcasting industry is growing at a rapid pace, and the company is looking to ride this wave and introduce decentralization to the environment. Livepeer aims to streamline the broadcasting process by allowing producers to submit their work on the platform, taking care of reformatting and distributing the content to users and streaming platforms.