Technical Breakdown
Tools behind Xeenon
Videos are transcoded on the Livepeer network using our infrastructure, which includes a Livepeer Orchestrator, a Livepeer Broadcaster, and at least one Livepeer Transcoder. Graviton Inc runs the Livepeer Orchestrator and Broadcaster and ensures that enough ETH is available to facilitate the streaming.
Transcoding is the process of converting an audio or video file from one encoding format to another to increase the number of compatible target devices on a media file that can be played.
Livepeer is a fully decentralized streaming network protocol that is highly scalable and has incentivized crypto tokens. Using Livepeer, Graviton can have an infrastructure solution that is cheaper than traditional centralized live video solutions and cloud service providers. This crypto token-powered protocol incentivizes users (nodes) to contribute computation and bandwidth towards transcoding and delivering live streaming video to the full range of devices according to all the latest standards and formats. Users running these nodes are incentivized via fees paid by the broadcaster in ETH and the opportunity to build a reputation through the protocol token to earn the right to perform more work in the future.
Orchestrators
Orchestrators coordinate work on the network. They earn Livepeer tokens (LPT) rewards by staking their own LPT and attracting the stake of delegators by sharing earnings and making ETH fees by providing high-quality transcoding services to broadcasters. The quality of the transcoding service is influenced by a combination of factors, including economic security (the stake of the orchestrator and its delegators which can be slashed if the work is performed incorrectly), geographic coverage, and transcoding capacity (affected by bandwidth and computational capacity). Since a broadcaster selects orchestrators to send work to based on these factors, an orchestrator's earning potential depends on its ability to perform well in each area.
Staking is a way to use your crypto holdings or coins to earn additional rewards. It can be helpful to think of it as OrchestrOrchestrator savings or earning dividends on stock holdings.
Transcoders
Transcoders perform work on the network. They provide computational capacity to orchestrators with hardware resources. An orchestrator can also be a transcoder, but it can outsource transcoding to one or many separate transcoders, similar to how Proof of Work (PoW) mining pools outsource PoW hashing to one or many separate miners. Orchestrators that outsource transcoding to one or many separate transcoders are commonlyOrchestrator as transcoding pools.
Hashing is the process of converting a given key into another value. A hash function is used to generate the new value according to a mathematical algorithm. The result of a hash function is known as, simply, a hash.
Transcoding pools
The split orchestrator and transcoder architecture enables the creation of transcoding pools. In the Livepeer network, pool operators are orchestrator operators, and the pool participants are transcoders. Transcoding pools are not a part of the core protocol, so the details around how to work in a pool are tracked and how transcoders in a pool are compensated depends on the pool implementation.
Rewards and fees
An orchestrator earns rewards based on its total stake (includes its own self-delegated stake and the stake of its delegators), which accrue daily. These rewards are analogous to the block reward in PoW blockchains such as Bitcoin. An orchestrator earns fees based on the video transcoding service it provides to broadcasters. The more transcoding an orchestrator performs, the more fees it will earn. These fees are analogous to the transaction fees in PoW blockchains such as Bitcoin.
Graviton Orchestrator
The Xeenon Orchestrator is available for other Delegators to stake their LPT tokens on and earn passive income - i.e., Inflationary rewards for staking and rewards for transcoding. The Xeenon Orchestrator claims LPT rewards from the staking of LPT, both our own and any additional Delegators, each round (~18 hours), taking only a tiny percent of the rewards that originate from external Delegators. Graviton will ensure that enough ETH is available on the Orchestrator to claim these rewards and that enough Transcoding power is available on the Orchestrator to handle the traffic from Xeenon. Initially, we have one powerful transcoder connected. Still, in the long run, we will get onboard additional transcoders.
Last updated