Livepeer (LPT) is a pioneering network that operates on the Ethereum Blockchain and focuses on transcoding live and on-demand videos. By utilizing Blockchain technology, Livepeer aims to revolutionize video transcoding by creating a more efficient, cost-effective, and decentralized solution. This article provides answers to two commonly asked questions: What is Livepeer (LPT), and how can one purchase Livepeer (LPT) using TRY (Turkish lira)?
Table of Contents:
1. What is Livepeer (LPT)?
2. How to Purchase Livepeer (LPT) with TRY?
3. How to Create an Account on Binance TR?
4. How to Verify an Account on Binance TR?
5. How to Deposit TRY on Binance TR?
6. How to Buy LPT Coin with TRY on Binance TR?
7. What is Binance TR?
What is Livepeer (LPT)?
Livepeer (LPT) offers more than just a typical video streaming service like YouTube. Instead of solely focusing on hosting, storing, and distributing video content, Livepeer specializes in transcoding raw video into various formats to ensure compatibility across different devices and networks. The objective of Livepeer is to facilitate the seamless sharing of video content from publishers to consumers, making it more efficient and cost-effective by leveraging excess computing power. Stay updated with the latest technology news on NEWSLINKER.
Video streaming constitutes a significant portion of global internet bandwidth usage, and transcoding is one of the most expensive elements for publishers. Historically, publishers have had to make substantial investments in hardware and infrastructure for transcoding purposes. However, Livepeer seeks to capture this market by providing publishers with access to a decentralized network comprising thousands of processors. This allows them to securely, efficiently, and cost-effectively transcode videos.
At the core of the Livepeer ecosystem is the Livepeer Token (LPT). The LPT coin plays a crucial role in securing the Livepeer network and coordinating the responsibilities of participants involved in the video transcoding process. Unlike traditional video streaming platforms, Livepeer does not rely on a centralized authority to manage transcoding tasks. Instead, participants stake LPT coins to become orchestrators who are responsible for transcoding and distributing video content on behalf of publishers and developers.
Livepeer was established in 2017 by Doug Petkanics and Eric Tang. Unlike many Blockchain projects that conduct coin sales, Livepeer opted for a different approach. The initial distribution of LPT coins was allocated to the community, founders, early team members, and a long-term development fund, ensuring a fair and decentralized distribution of the coins.
The distributed architecture of Livepeer revolves around orchestrators, participants who possess sufficient computing power to transcode and distribute video content. Orchestrators stake LPT coins to guarantee the quality of their work. Livepeer also offers the role of delegators, who stake their LPT coins with trusted orchestrators to contribute to the video transcoding process.
Both orchestrators and delegators earn fees paid by video publishers for their roles in providing a high-quality and secure network. These fees, payable in ETH or stablecoins like DAI, are proportional to the amount of LPT coins staked by the orchestrators and delegators. Livepeer also periodically mints new coins, which are shared among orchestrators and delegators to incentivize their participation in the network.
How to Purchase Livepeer (LPT) with TRY?
For investors in Turkey who wish to buy Livepeer (LPT), Binance TR is the most suitable cryptocurrency exchange. At Binance TR, you can easily create an account and trade over 100 cryptocurrencies, including LPT. To purchase Livepeer (LPT) with TRY on Binance TR, follow the steps below.
How to Create an Account on Binance TR?
Creating an account on Binance TR is a straightforward process. Start by visiting trbinance.com and proceed to the “Create Account” step. In the initial stage of account creation, you will need to provide basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identity number.
After entering all the required information accurately and completely, you will undergo email/SMS verification to confirm the provided details. Once this process is complete, you will move on to the second step, which involves identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification is a necessary security procedure that must be completed before engaging in cryptocurrency trading and during the account creation process on Binance TR. This verification process is essential to protect both the user and the cryptocurrency exchange. You can choose to perform the verification process using your phone or the official Binance TR website, depending on your preference. Note that you will need your mobile phone to verify your identity through the website.
On the Binance TR website, hover over the “Profile” option located at the top right corner. From the drop-down menu, click on “Identity Verification and Limits” and then select “Verify.” Following this step, you will need to scan the QR code displayed on the screen using your phone’s camera and continue the process on your phone. If you are unable to scan the QR code, you can click on the “Copy URL” option to receive the identity verification address via SMS on your phone.
Upon entering the address on your phone or scanning the QR code, a screen similar to the one shown below will appear. From this screen, tap on the “Identity” option to proceed.
Next, a screen will appear where you need to select the appropriate document type for verification.
After selecting the document type, tap on the “Upload front side” option. Take a clear photo of the front side of your chosen document, then tap on the “Upload back side” option to capture and upload a clear photo of the back side of the document. Ensure that the images are legible and contain easily readable information.
Finally, tap on the “Selfie” option. Your phone’s front camera will activate, and you will need to scan your face. Make sure your face adequately fills the camera area after the camera is activated.
Once you have completed all these steps accurately and completely, your identity verification process will be finalized within a short period.
How to Deposit TRY on Binance TR?
You can effortlessly deposit TRY into your Binance TR account through all major banks. Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans account holders can deposit funds and trade 24/7. For other banks, you can deposit up to 50,000 TRY 24/7 using the FAST payment system. Deposits over 50,000 TRY from other banks are processed during EFT hours.
To deposit money into your Binance TR account, visit trbinance.com and hover over the “Wallet” option at the top left of the homepage. From the drop-down menu, select “Deposit.”
A page similar to the one shown below will appear. You can proceed with the deposit process by choosing your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, click on the “Other Banks” option.
In this example, we will continue with Vakıfbank, but the process is the same for all other banks. When you select the Vakıfbank option, you will see an account name and IBAN address to which you can make a transfer, EFT, or FAST payment. Simply use the information provided on the page of your chosen bank to transfer the desired amount into your Binance TR account via transfer, EFT, or FAST payment.
Once your bank completes the transfer, the funds you sent will automatically appear in your Binance TR account wallet.
How to Buy LPT Coin with TRY on Binance TR?
After completing the deposit process, you can proceed to purchase LPT coins using TRY by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
Upon clicking this option, you will be directed to the following page. To access the TL to LPT coin purchase page, type “LPT” in the search section located on the right side of the page, and then click on the LPT/TRY option from the search results.
The LPT trading page will appear. In the red box area on this page, enter the desired price at which you wish to buy LPT in the first box, and the quantity of LPT you want to purchase in the second box. After entering the amount, click on the “Buy LPT” button to complete your purchase.
What is Binance TR?
Binance TR is the official platform of Binance, the world’s largest cryptocurrency exchange in terms of trading volume. Binance TR was launched in 2020 to cater specifically to cryptocurrency investors in Turkey. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR provides both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s advanced technology, robust security measures, and liquidity offered through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users on Binance TR benefit from Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.