Livepeer (LPT) is an Ethereum Blockchain-based network that focuses on transcoding live and on-demand videos. By leveraging Blockchain technology, Livepeer aims to create a decentralized and cost-effective solution for video transcoding. In this article, we will address two frequently asked questions: What is Livepeer (LPT), and how can you purchase Livepeer (LPT) with Turkish Lira (TRY)?
Contents
What is Livepeer (LPT)?
How to Buy Livepeer (LPT) with TRY?
How to Open an Account on Binance TR?
How to Verify an Account on Binance TR?
How to Deposit TRY on Binance TR?
How to Buy LPT Coin with TRY on Binance TR?
What is Binance TR?
What is Livepeer (LPT)?
Livepeer (LPT) goes beyond being a conventional video streaming service like YouTube. Instead of hosting, storing, and distributing video content, Livepeer focuses on transcoding raw video into different formats to ensure compatibility across various devices and networks. By utilizing excess computing power, Livepeer aims to facilitate the seamless sharing of video content from publishers to consumers in a more efficient and cost-effective manner.
Video streaming accounts for a significant portion of global internet bandwidth usage, and transcoding is one of the most costly components for publishers. Traditionally, publishers have had to invest a significant amount in hardware and infrastructure to perform transcoding. Livepeer aims to capture this market by providing publishers with access to a decentralized network of thousands of processors, enabling them to transcode videos securely, efficiently, and cost-effectively.
At the core of the Livepeer ecosystem is the Livepeer Token (LPT). LPT coin 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 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 with 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 Buy Livepeer (LPT) with TRY?
For investors in Turkey who want to purchase Livepeer (LPT), Binance TR is the most suitable cryptocurrency exchange. On 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 steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is a straightforward process. Visit trbinance.com and proceed to the “Create Account” step. In the first step, you will be required to provide basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information accurately and completely, you will undergo email/sms verification to confirm your details. Once this process is complete, you will move on to the second step, which is identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a necessary security procedure that must be completed before engaging in cryptocurrency trading and during the account creation process. This process is essential to protect both the user and the cryptocurrency exchange. You can 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 via the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code displayed 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 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 proceed.
Then, a screen like the one below will appear. To continue the verification process, select the appropriate document type for you.
After selecting the document type, tap on the “Upload front side” option to proceed. Take a photo of the front side of the document you selected, then tap on the “Upload back side” option to take a photo of the back side of the document and upload it. Ensure that the images are clear and the information in the photo is easily readable when capturing photos of the front and back sides of your ID card or driver’s license.
Next, 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.
After correctly and completely following all these steps, your identity verification process will be completed shortly.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account using any bank. You can deposit and trade 24/7 with banks such as Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans. 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 money into your Binance TR account, go 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 page that appears, you can continue the deposit process by selecting your preferred bank. If your preferred bank is not integrated with Binance TR, click on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST transfer to that bank. Use the information displayed on the page of your preferred bank to transfer the desired amount into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will automatically be 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 using Turkish Lira (TRY) by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will appear. Type “LPT” in the search section on the right side of the page and click on the LPT/TRY option from the results to go to the LPT to TRY purchase page.
The LPT trading page will open. In the area marked with a red box, enter the price at which you want to buy LPT in the first box and the number of LPT coins you wish to purchase in the second box. After entering the desired amount, complete your purchase by clicking on the “Buy LPT” button.
What is Binance TR?
Binance TR is the official platform of Binance, the world’s largest cryptocurrency exchange by trading volume, for cryptocurrency investors in Turkey. Launched in 2020, Binance TR is headquartered in Istanbul and can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services, leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can easily deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
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Disclaimer:
The information presented in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
