- BitTorrent live is a great analog to Livepeer from a technology perspective. Livepeer has a lot of catching up to do on all the great work they’ve done. But unless I’m mistaken it’s a closed protocol, proprietary, and ad supported at the product/business level. We think an open protocol that anyone can build on top of, catalyzed by the token model and accompanying incentives, is likely to see more developer attention and a bigger ecosystem. Other technologies that also were inspirational were Bittorrent, Webtorrent, Peer5, Streamroot, Streamium. (And I just checked out Joystream from your bio…looks awesome!)
- As far as consensus…the high level DPOS scheme as conceptualized is inspired by Bitshares/Steem’s mechanism, yes. Though this will be an active area of research and we’ll publish for community/peer review before the protocol is tested and deployed for, first testnet, then production use. We are not planning on building a blockchain network from scratch. The token ledger and transactions can be secured by a public chain (like Ethereum), but Livepeer needs a consensus mechanism for distributing the newly minted token in proportion to the amount of work that is done, and for this, the high level DPOS scheme laid out in the overview is the starting point for research to come.
- And as for why the Livepeer protocol uses it’s own token. I think there are a number of great posts that address the thesis behind the token based protocol. The short answer here is that it 1) is necessary in order to secure the network from various attacks, and 2) it helps create a cheaper network for the broadcasters due to the cycle of scarcity, increased competition, lower prices, increased demand (in the early days…needs to mature into a great standalone network at scale). 3) it provides a coordination mechanism for a large network to align around a common, open, public platform. Bitcoin + Lightning definitely work as the transfer of value layer, but wouldn’t provide the above utility. I’ll be sure to write a full post about this in the future!
Thanks for the questions.