Livepeer (LPT) Token Minting Congests Ethereum Network

Livepeer (LPT) Token Minting Congests Ethereum Network

One smart contract regularly attracts concentration on the Ethereum gas station, regularly spending close to 20% of all gas. This Tuesday, its gas method was once again much high. The deal keeps giving out one digital asset - the LPT sign of the Livepeer network.

LPT, which has no pricing data, for now, is assigned in a complex mechanism identified as Merkle Mining. In result, users of the Livepeer network use a small amount of Ethereum (ETH) to secure a new tranche of tokens. The units are distributed by the smart contract and start a record on the main chain of Ethereum. Nevertheless, those things burn gas for transaction fees, and as the Livepeer network and distribution grow, so performs the impact.

As of 6:00 UTC, gas usage had increased from 20% to 28% and above within one hour. The grammar of the contract fluctuates, often falling below 10%. But the LPT token distribution is a permanent fixture of Ethereum now. The usage topped at 28.94% of all gas.

For now, the impact on global gas prices is limited since LPT sales are non-priority. During the FOMO 3D congestion, regular fees were above $0.50, but the price of sending ETH is still $0.03 now, which is higher than usual but not expensive.

Within the Livepeer network, there is also some game to send a request for tokens. Sometimes, a different user can submit the same transactions for mining with a higher gas fee, reaching other network members.

Latest Livepeer network economics update: 10% participation + MerkleMine. https://t.co/jfInU54G3V

— Livepeer (@LivepeerOrg) September 21, 2018

The main task of the Livepeer network is transcoding records for streaming by using shared computing work. The LPT token is supposedly paid for this type of computing performance. This mining and staking through the Ethereum main net began in May 2018.

The Livepeer network shows to find a real-world purpose for Ethereum although the gas method is not for the transcoding number itself but for sending and accepting a token.

#Livepeer #LPT #Ethereum Network #Ethereum gas station

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