Livepeer (LPT) is a revolutionary network that utilizes the Ethereum Blockchain to transcode live and on-demand videos. By harnessing the power of Blockchain technology, Livepeer aims to create a more efficient, affordable, and decentralized solution for video transcoding. In this comprehensive guide, we will explore what Livepeer (LPT) is all about and provide step-by-step instructions on how to purchase LPT with TRY.
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 Your 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 aims to revolutionize the video streaming industry by offering much more than just a typical video streaming service like YouTube. Instead of focusing on hosting, storing, and distributing video content, Livepeer’s primary goal is to transcode raw video into different formats to ensure compatibility across various devices and networks. By leveraging excess computing power, Livepeer aims to facilitate seamless sharing of video content from publishers to consumers in a more efficient and cost-effective manner.
Video streaming consumes a significant portion of global internet bandwidth, and transcoding is one of the most expensive aspects for video publishers. Traditionally, publishers have had to invest heavily in hardware and infrastructure to perform transcoding. However, Livepeer aims to disrupt this market by providing publishers with access to a decentralized network of thousands of processors, allowing them to securely, efficiently, and cost-effectively transcode videos.
At the core of the Livepeer ecosystem lies the Livepeer Token (LPT). LPT is used to secure the Livepeer network and coordinate the responsibilities of participants involved in the video transcoding process. Unlike traditional video streaming platforms, Livepeer does not rely on a central 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 founded in 2017 by Doug Petkanics and Eric Tang. Unlike many other Blockchain projects that conduct coin sales, Livepeer took 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 with sufficient computing power to transcode and distribute video content. Orchestrators stake LPT coins to ensure 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. Additionally, Livepeer periodically mints new coins, which are shared among orchestrators and delegators to incentivize their active participation in the network.
How to Purchase Livepeer (LPT) with TRY?
For investors in Turkey who want 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 buy Livepeer (LPT) with TRY on Binance TR, follow the step-by-step instructions below.
How to Create an Account on Binance TR?
Creating an account on Binance TR is a straightforward process. To get started, visit trbinance.com and proceed to the “Create Account” step. In the initial stage of creating an account, you will be prompted to enter basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identity number.
After providing all the requested information accurately, an email or SMS verification will be conducted to confirm your details. Once this process is completed, you will move on to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification is a crucial security procedure that must be completed before engaging in cryptocurrency trading or during the account creation process on Binance TR. This verification process is essential for the protection of both the user and the cryptocurrency exchange. You can complete the verification process using either your mobile phone or the official Binance TR website, depending on your preference. Please 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 at the top right corner, click on “Identity Verification and Limits” from the drop-down menu, and then select “Verify”. After this step, you will need to scan the QR code displayed on the screen using your phone’s camera and proceed with the verification process on your phone. If you are unable to scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
Upon entering the address on your phone or scanning the QR code, a screen similar to the one below will appear. From here, tap on the “Identity” option to continue.
Next, a screen like the one below will appear. To proceed with the verification process, select the appropriate document type.
After selecting the document type, tap on the “Upload front side” option to continue. Take a clear photo of the front side of the document you selected, and 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 that the information on the ID card or driver’s license can be easily read.
Finally, tap on the “Selfie” option to continue. Your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible after the camera opens.
Once you have completed all the steps accurately and thoroughly, your identity verification process will be completed within a short period of time.
How to Deposit TRY on Binance TR?
Depositing TRY into your Binance TR account is a simple process that can be done through all banks. You can deposit and trade 24/7 using your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TRY 24/7 using FAST. Deposits over 50,000 TRY from other banks are processed within EFT hours.
To deposit funds into your Binance TR account, navigate to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
On the following page, you can continue the deposit process by selecting your preferred bank. If your bank is not yet integrated with Binance TR, click on the “Other Banks” option.
In this example, we will proceed with Vakıfbank, but the process is the same for all other banks. When you select Vakıfbank, you will see an account name and IBAN address to which you can make a transfer, EFT, or FAST deposit. 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.
Once your bank completes the transfer, the funds will be automatically reflected 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 with TRY by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, you will be directed to the following page. To access the LPT to TRY purchase page, type “LPT” in the search field on the right side of the page and select the LPT/TRY option from the search results.
Now, the LPT trading page will appear. In the red box area, enter the desired price at which you want to buy LPT in the first box, and specify the amount of LPT you wish to purchase in the second box. After entering the required information, complete your purchase by clicking on the “Buy LPT” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, officially launched its platform Binance TR in 2020 to serve cryptocurrency investors in Turkey. Headquartered in Istanbul, this cryptocurrency exchange can be accessed at trbinance.com.
Binance TR offers a wide range of trading services, including fiat-to-crypto and crypto-to-crypto trading, leveraging Binance’s advanced technology, security measures, and liquidity provided 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 of Binance TR benefit from Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a robust 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 understand that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
