Livepeer, a decentralized video transcoding platform constructed on Ethereum, has raised $20 million in a funding spherical led by Digital Forex Group (DCG).

DCG was joined within the Sequence B funding spherical by a number of different noteworthy buyers within the crypto area together with Coinbase Ventures, CoinFund and Northzone. (CoinDesk is an unbiased subsidiary of DCG.)

Because the Net 3 ecosystem continues to develop, dapp builders are engaged on decentralized alternate options to every part from monetary merchandise to leisure, together with gaming and music-streaming. 

However many would-be decentralized streaming platforms and startups encounter hassle constructing with centralized infrastructure owned by tech giants like Amazon and Google, stated Livepeer co-founder Doug Petkanics.

He stated {the marketplace} permits for a symbiotic relationship between consumers and sellers that’s incentivized by Livepeer’s native token, LPT, and is less expensive than the providers supplied by mainstream alternate options.

Livepeer’s market connects encoding suppliers – a lot of whom are crypto miners and information facilities with in any other case unused capability – to anybody who wants processing energy for video providers. Livepeer has an estimated 70,000 GPUs on its community.

“In creating an open market run by a decentralized community of energetic individuals, Livepeer’s transcoding may be 10 instances cheaper (or extra) than centralized alternate options like Amazon Net Companies,” CoinFund CEO Jake Brukhman stated in a press assertion.