An altcoin backed by Coinbase Ventures and the Digital Currency Group rises after a month of key milestones.

Ethereum-based video streaming project Livepeer (LPT) rose to a new all-time high of $ 100.99 yesterday, up more than 152%.

Livepeer says it is working on developing “scalable and affordable” solutions for online video content creators.

“Livepeer is an extensible PaaS (Platform as a Service) for developers who want to add live or on-demand video to their projects. It aims to increase the reliability of video streaming while reducing the associated costs by up to 50 times.

To achieve this, Livepeer is building an interactive P2P infrastructure via a marketplace secured by the Ethereum blockchain. “

In October the company acquired the MistServer media server, operated its first NFT and hosted COLLIDE, “the first concert with live NFT casting”. This move reaffirms Livepeer’s main goals to be scalable, affordable and reliable.

“Livepeer’s mission is to build an open video infrastructure around the world … Livepeer and MistServer will deliver a breakthrough infrastructure that provides a high quality, affordable alternative to vendors. Traditional monopolies run on expensive big tech cloud platforms. “

Livepeer has raised $ 31 million in funding from over 10 investors, including crypto industry giants like Coinbase Ventures and Digital Currency Group.

Livepeer was founded in 2017 to reduce bandwidth and transcoding costs for internet video. It was launched on the Ethereum network in May 2018.

After jumping to a record high, LPT price has now fallen back into the $ 66 area and is making a fairly long wick on the daily chart. After climbing to 86th place, the decline brought LPT to its current 99th place with a market cap of $ 1.63 billion.

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Annie

According to Dailyhodl

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