Delegators are a crucial group within the Livepeer protocol, playing a vital but passive role in the system’s operations and security. They are individuals or entities who hold Livepeer tokens and, rather than actively processing or broadcasting video content themselves, opt to back and support other active participants - Orchestrators. By “staking” their tokens, which can be equated to placing a deposit, Delegators essentially lock up their tokens for a designated period, signaling their trust and support for chosen Orchestrators.
The act of staking helps in multiple ways. Firstly, it reinforces the network’s overall security by ensuring participants have a vested interest in the system’s proper functioning. The locked tokens can serve as a form of collateral, ensuring the system remains resistant to malicious intentions or attacks.
Livepeer Token (LPT)
Delegators use Livepeer token (LPT), which are ERC-20 compliant. It can be purchased through various channels, including trading platforms like Uniswap. The distribution of these tokens was initially executed via a “Merkle Mine” technique during the network’s inception phase. The token’s value is subject to inflation based on an algorithmic issuance model over time.
Apart from security, LPT staking also empowers Delegators with votes in the network’s governance. They can weigh in on protocol proposals, thus making collaborative decisions on the network’s future direction. Additionally, the amount of staked and delegated token determines how tasks or jobs are distributed within the network, thereby acting as a mechanism for work coordination.
For those interested in exploring or managing their staking activities, the Livepeer Explorer offers a comprehensive interface, ensuring transparency and ease of operations in the staking process.