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Livepeer Review: Decentralised Video Streaming Protocol

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Video is now integral to how we share information and communicate globally. Data shows that nearly 80% of all internet users have a YouTube account, video streaming on the Twitch platform is growing by leaps and bounds, with more than 2 billion hours consumed in January 2021.

And that doesn’t even touch on the incredible importance of real-time video platforms like Zoom, Telegram, or Google Meet. While all of this seems fantastic, there’s still the issue of these centralized services having excessive control over their user bases, the data of those users, and the ability to censor whatever content they like.

In 2021 it remains very difficult to build an application that can compete with the existing centralized video streaming solutions. The costs of transcoding live streaming video remain a huge barrier as transcoding is very expensive from a computational standpoint.

LivePeer Overview

Image via LivePeer Website

Any service which provides video to end users needs to perform this transcoding, which takes the video and changes it into a format that can be consumed by end-users.

The majority of video transcoding these days happens on the centralized cloud computing services like Amazon Web Services and Microsoft’s Azure, and this introduces the possibility of a single point of failure in delivering video.

In addition to this, despite the increasing popularity of decentralized video streaming services, none of them currently have the capability to stream video in an open fashion.

If it were feasible to launch a decentralized transcoding service it would make it possible to create applications that could deliver cheaper, more resilient and scalable video live streaming. And such a service with decentralized transcoding would also remain resistant to censorship and open for development.

Enter Livepeer

One of the blockchain projects tackling the issues related to decentralized video transcoding and live streaming is Livepeer. Livepeer is an Ethereum-based decentralized service that claims it can dramatically slash the costs associated with video streaming applications.

It accomplishes this feat by using a distributed network of nodes, where users lend their computer power to the network to handle the computationally intensive task of transcoding video. Participants in the system receive incentives for providing processing power, which increases the adoption of the network.

LivePeer Stats

LivePeer Network statistics. Image via Livepeer website.

It’s a great idea, and one that is definitely needed by the video streaming industry. In fact, the idea is so great that Grayscale, the firm behind the Bitcoin Investment Trust, added Livepeer as one of its five newly announced trusts in March 2021.

Grayscale obviously sees the value  and potential in the project. And once you know what it’s all about you might see the value as well. Below we take a deeper look into what Livepeer is, how it works, the value of its LPT token, and where it might be headed in the future.

What is Livepeer?

Livepeer is a decentralized blockchain service that is designed to reduce the infrastructure costs associated with streaming video significantly.

Let’s be clear from the start however. This is not a consumer-facing application where people can go to watch video like YouTube, or to live stream like on Twitch.

It is a behind-the-scenes infrastructure solution that enables app developers to significantly lower the cost of transcoding video. This transcoding, which converts video from one format to another for playback, is handled by Livepeer on a network of distributed computers.

Livepeer at Work

This is Livepeer at work. Image via Livepeer whitepaper.

Livepeer claims that its solution will reduce the resource costs associated with video transcoding by as much as 50 times when compared with the existing, centralized video transcoding solutions.

How does Livepeer work?

Livepeer relies on a group of users it calls “orchestrators” to handle the transcoding needs of app developers who are part of the network. These people have added their computers to the Livepeer network and they trade their computing resources such as bandwidth, CPU and GPU for the LPT cryptocurrency that powers the network. In keeping with the references to mining cryptocurrencies these users are alternatively referred to as “video miners”.

Any developer who wishes to use the Livepeer network to provide transcoding and distribution must pay for those services with the LPT tokens. It is also possible for an LPT holder to stake their tokens, or to become a delegator, thus earning a yield on the tokens they are holding while also helping to secure the network without being directly involved in providing computing resources to fuel the transcoding process.

By incentivizing those who participate in the network Livepeer believes it will be able to create a network that delivers decentralized, inexpensive, and censorship resistant transcoding and video delivery. The incentives are based on the native LPT cryptocurrency that powers the entire process.

Livepeer Protocol

The Livepeer protocol architecture. Image via Livepeer whitepaper.

The economics of the Livepeer protocol revolve around the following key roles: orchestrators, transcoders, delegators, and broadcasters.

  • Orchestrators – The orchestrators are the group that performs the actual work of transcoding video into the desired output format. They are paid by broadcaster in ETH, and are also rewarded with newly minted LPT tokens by the Livepeer network. An orchestrator node is required to run software on their computers that allow them to contribute computing resources to the network. Orchestrators are also required to stake LPT tokens as collateral to ensure that they provide good work and behave properly. If an orchestrator is found to be cheating or behaving badly they have their stake slashed as a penalty.
  • Transcoders – The transcoder is run by orchestrators and they take the input video and transcode it into the desired format before outputting it. An orchestrator can run multiple transcoders.
  • Broadcasters – The broadcaster is responsible for publishing a stream of video to the orchestrator and pays them in ETH for their services. For example, Twitch could be considered a broadcaster if they send along videos to Livepeer Orchestrators for transcoding before broadcasting them to end users.
  • Delegators – This group stakes their LPT tokens through an orchestrator. Typically the delegator doesn’t have the ability or desire to participate in the network as an orchestrator. Instead they delegate their tokens to an existing orchestrator in order to earn a portion of the rewards.
Distributed Network

Livepeer’s distributed network of nodes. Image via Livepeer Wiki.

Besides transcoding video Livepeer also helps with the distribution of video to end users. This is a role that is typically handled by centralized content delivery networks such as Cloudflare, but Livepeer can do it just as effectively and at a lower cost.

Practical Applications of Livepeer

Any video steaming service that requires transcoding can benefit from the Livepeer service. By providing low cost transcoding Livepeer believes it can also offer a number of use cases such as pay-as-you-use consumption.

All of this can be possible by reducing costs for transcoding by up to 50 times. Already live streaming is a $50 billion market, and Livepeer believes it can be an integral part of the ecosystem.

Consider that Amazon purchased Twitch all the way back in 2014 for $970 million in cash and you can imagine how important live streaming is. Livepeer is small now, but it is growing rapidly as more streaming providers become interested and test its transcoding and delivery service.

Livepeer is currently supporting playdj.tv for live streaming as a way to broadcast live DJ shows to the site’s audience and file.video allows users to easily upload and share their video content. The Livepeer infrastructure is in place but applications are still in the process of gaining comfort with the protocol.

LivePeer Applications

There are many potential applications for Livepeer in the future. Image via Livepeer 10-minute Primer.

One benefit to Livepeer is that it is able to use network incentives to scale rapidly as demand increases. Whenever a video is delivered to the network for transcoding the network incentives ensure that any free resources are used to complete the task.

This alone tackles the challenge faced by centralized services, where a major roadblock has always been having the necessary infrastructure available to support a growing number of video streams.

Why Livepeer is Special

App developers are constrained by the expense associated with video streaming. If you consume video streams you’ve likely never considered the costs associated with delivering the video to you, but you do pay for them.

Video streaming costs for centralized services are typically passed along to consumers through advertising, the sale of their personal data, or through subscription costs or service fees.

By using a distributed, decentralized network Livepeer is able to minimize those costs, which should enable new types of video driven apps to come into existence, and new video business models to be developed. And for the consumers, they are now able to earn for providing computing power, rather than paying the centralized services for providing video service.

What can you do with Livepeer?

Because Livepeer is more an infrastructure solution rather than a customer facing application it is quite possible that many consumers will watch videos that are transcoded or delivered by the Livepeer network and never know that Livepeer was involved.

Livepeer Users

You might use Livepeer and not even know it. Image via Livepeer 10-minute Primer.

It’s the app developers who will become intimately familiar with Livepeer as they come to discover that the network provides them with a far less expensive alternative to centralized services. Livepeer can dramatically decrease their computing and transcoding costs, and allow for the implementation of video functionality where it may have been too expensive in the past.

And for the general user there’s always the potential for either staking or delegating LPT tokens to earn some yield, or to run your own orchestrator to collect even greater incentives.

The Livepeer Team

Because Livepeer is open source no one owns the technology behind Livepeer. As such no one can speak with authority for Livepeer. That said, the Livepeer.org website is maintained by members of Livepeer, Inc. and basement.studio.

Currently Livepeer is governed by Livepeer, Inc which is the organization that developed and released the protocol. Eventually the project is expected to be fully community governed.

That said, the founders of Livepeer are Doug Petkanics and Eric Tang.

Doug Petkanics is the CEO of Livepeer Inc. Prior to founding Livepeer in 2016 he was the co-founder and VP of Engineering for Wildcard Inc, a native publishing platform and browser for the mobile web. As a serial entrepreneur he was also a co-founder of Hyperpublic, a data platform organizing the world’s local information that was acquired by Groupon in February 2012.

Livepeer Founders

The co-founders of Livepeer. Image via Livepeer.com

Eric Tang is the CTO of Livepeer Inc. He has been with Petkanics for most of his career, first as a lead developer at Hyperpublic, and then later as a co-founder of Wildcard Inc. He is a graduate of Carnegie Mellon University with a B.S / M.S in Electrical and Computer Engineering, Computer Science, and Business Administration.

The LPT Token

The LPT token is an ERC-20 token on the Ethereum blockchain and it serves as the native cryptocurrency of the Livepeer network, providing the incentive for users and providers. The LPT token thus serves as the fuel for the Livepeer ecosystem.

LPT tokens are used as collateral by orchestrator nodes to secure the network and provide the necessary work transcoding video. They are also used as the reward tokens for the orchestrator nodes, and fr delegators. The system is designed in such a way that the more LPT staked by an orchestrator node, the greater amount of work it can perform in the network and the greater fees it can earn.

Livepeer had its ICO back in July 2018, selling LPT tokens for $25 each. That turned out to be not so great for early investors as the token started trading just under $9 in December 2018. It continued to trade between $5 and $7 over the next year and in 2020 the token fell below $1.

LPT Chart

LPT has made its best gains in 2021. Image via Coinmarketcap.com

That wasn’t the end however as the 2021 rally lifted the token back near the $5 level and then in March the token lifted off in response to the news of Grayscale adding a Livepeer Trust fund. Over the course of a month the token rocketed up to $39.99. From there it dipped to $28, but by May 11, 2021 it was at an all-time high of $45.22.

Since then the token has retreated along with the broader crypto markets and as of June 1, 2021 it is trading at $24.18.

How to buy LPT

Thanks to the addition of the Grayscale LPT Trust Fund Livepeer tokens were picked up by many major exchanges. They can be purchased with USD from Gemini, but the biggest trading volumes for LPT are from Binance.

You can also acquire them through decentralized exchanges such as Uniswap and Balancer. To acquire LPT from one of these DEXs it’s first necessary to acquire some Ethereum (ETH), which can then be exchanged for LPT.

Co-Mining with Filecoin

In March 2021 Livepeer announced the launch of a co-mining program with Filecoin, a decentralized storage platform. This allows users to mine and earn rewards on both networks simultaneously.

Because Filecoin is a decentralized storage network allowing anyone to securely store, interact, and retrieve data it is a perfect match. Users are first able to “video mine” on Livepeer, and then store the transcoded videos on Filecoin, thus mining on that blockchain  as well.

LivePeer Filecoin

Image via Livepeer Twitter account.

In the future, the same miners could provide infrastructure for both networks not only unlocking additional economic opportunities for the miners, but also additional technical and product opportunities for web3 applications via the co-location of video transcoding with data storage.

The Grayscale Livepeer Trust

The hedge fund Grayscale was the first to create a Bitcoin trust and as of March 2021 they announced the creation of five new trusts, one of which will be based on the LPY token of Livepeer.

These cryptocurrency trusts are an exchange traded financial derivative that are designed to provide traditional investors with an easy way to participate in cryptocurrencies. The price of the trust is meant to roughly track the price of the underlying cryptocurrency, in the case of the Livepeer trust LPT.

Grayscale holds a significant amount of LPT within the trust, and while trust investors do not actually own any of the cryptocurrency they can still benefit from price gains in the underlying.

Grayscale

Grayscale’s LPT Trust Fund kicked off the rally in LPT. Image via Investing.com

By creating a Livepeer trust Grayscale is betting heavily on the LPT token increasing in value over time and that traditional investors will want exposure to it. As of the inception of the trust fund in March 2021 Grayscale owned $8.5 million worth of LPT, but if the fund is successful the firm could easily amass much greater quantities of LPT over time.

Potential Risks

Of course Livepeer isn’t without risks going forward, although the team is well aware of such and prepared to make adjustments where necessary to address any risk scenarios. Below are some of the current risks as we head into the second half of 2021.

Competition

The biggest competitive threat for Livepeer comes from the established video transcoding service providers such as Amazon Web Services. The advantage Livepeer has is that it isn’t possible to develop decentralized applications on AWS since it represents a potential point of failure.

Livepeer Features

Livepeer versus competitors. Image via Medium.com

As long as decentralized applications continue to gain in popularity and adoption Livepeer should be able to take market share away from the established video transcoding service providers.

Decentralization

Security in the Livepeer protocol is at least partially dependent on the decentralization of the orchestrator nodes. Currently Livepeer is still working on building a robust network and is vulnerable to any large scale event, such as a natural disaster, that could potentially impair a large number of its nodes. As the network grows and becomes more robust this should no longer be a risk.

Network Economics

Livepeer’s security is dependent on profitability for the nodes within the network. If the economics of the network become unsustainable, or are simply not attractive enough to pull in node operators, then Livepeer could potentially be vulnerable to attacks.

Token Volatility

As you’ve already seen above in the LPT Token section of this review, token volatility is very real, and it could potentially have a negative impact on interest in the network.

Regulations

While regulations on cryptocurrencies remain light as of June 2021, that isn’t likely to remain the case. The SEC in the U.S. has already ruled that certain cryptocurrencies can be considered as securities under existing U.S. securities laws.

Thus far only Bitcoin and Ethereum have been identified as digital assets which the SEC does not consider to be securities. That leaves LPT at risk of being deemed a security by the SEC, which would almost certainly have negative consequences.

Conclusion

Whether or not Livepeer is able to succeed will likely depend on its ability to first generate interest, and then to scale to meet demand. If the decentralized alternative is able to deliver service that’s similar to that provided by the current centralized solutions, and it can do so at a fraction of the cost, then the success of Livepeer is almost guaranteed.

While the network remains small, there are 98 active nodes as of June 1, 2021, it is also growing as the number of active nodes has more than doubled since March 2021. And the service has already transcoded 17.2 million minutes of video since its launch.

Of course Livepeer isn’t the only service trying to solve the high costs of video streaming through decentralization. Other potential solutions include those offered by Theta, which is using excess user bandwidth to serve streams to users in a per-to-peer like setup. Users there are rewarded with THETA tokens for providing the needed bandwidth.

There’s also VideoCoin, which is taking a similar approach to Livepeer, but isn’t as far along in adoption. And then there are the more general solutions to support video needs, such as the rendering solution proposed by Golem.

In time Livepeer plans on becoming completely decentralized, but as of June 2021 it is still run by the legal entity Livepeer Inc. that founded the network. There is also a 2017 official roadmap that has seen many aspects completed, while others are still in process.

And the team has added new goals as well, such as adding layer-2 scaling, bringing more efficient verification methods to production, and the possibility of using AI in a number of functions, such as scene classification, object recognition, song title detection, and video fingerprinting.

As the Web3 market grows and matures there’s no doubt that decentralized infrastructure services could be very useful and valuable. Livepeer could well be one of those services that will transform the video streaming market in the months and years to come.

Featured Image via Shutterstock

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Source: https://www.coinbureau.com/review/livepeer-lpt/

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COMP, NEAR & KAVA See Recoveries Following Recent Sell-Off

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Compound (COMP) is trading inside a descending parallel channel and bounced at its support line yesterday.

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Kava.io (KAVA) has bounced at the $4.80 horizontal area after a sharp fall.

Near Protocol (NEAR) has broken down from a parabolic ascending support line.

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COMP

COMP has been moving upwards since June 22. Initially, the movement was quick, leading to a high of $531 on July 6. 

However, the token has been moving downwards since. On Sept 21, it reached a low of $301. The ensuing bounce validated the $305 area as support. 

However, despite the bounce, technical indicators are bearish. The MACD and RSI are both decreasing, the former being below 0 while the latter being below 50. 

COMP channel
Chart By TradingView

While the daily chart does not provide any bullish signs, the six-hour one does. The token seems to be trading inside a descending parallel channel, a structure that usually contains corrective movements. 

Furthermore, the aforementioned Sept 21 low was made right at the support line of the channel. Additionally, it gave waves A:C a 1:1 ratio. 

If COMP manages to reclaim the middle of the channel, it would likely mean that the decrease was corrective and a breakout will eventually follow.

COMP channel
Chart By TradingView

Highlights

  • COMP is trading inside a descending parallel channel.
  • There is support at $315.

KAVA

On July 24, KAVA broke out and proceeded to reach a new all-time high price of $9.21 on Aug 30. However, it failed to sustain the higher prices and has been moving downwards since. 

So far, it has reached a low of $4.55, doing so on Sept 22. The ensuing bounce helped validate the $4.80 area as support. This is both a horizontal support area and the 0.618 Fib retracement support level. 

Currently, KAVA is in the process of creating a bullish engulfing candlestick.

However, technical indicators are still bearish. The MACD and RSI are both decreasing. The MACD is already into negative territory while the RSI is below 50.

KAVA descending resistance
Chart By TradingView

A look at the shorter-term six-hour chart shows that the decrease was a five wave bearish impulse. This fits with the idea that the short/medium-term trend is bearish.

However, since the impulse is now complete, a significant bounce is likely. 

The first resistance area is at $6.90, the 0.5 Fib retracement resistance level and a horizontal resistance area.

KAVA downward movement
Chart By TradingView

Highlights

  • KAVA has broken out from a descending resistance line.
  • There is support at $4.80.

NEAR

NEAR had been increasing alongside a parabolic ascending support line since July 20. This led to a new all-time high price of $11.88 on Sept 9. 

However, the token has been falling since. 

It broke down from the parabolic support line on Sept 20 and reached a low of $6.33 the next day. The ensuing bounce validated the $6.70 area as support. This is both a horizontal support area and the 0.5 Fib retracement support level. 

Even though NEAR has bounced, technical indicators provide mixed readings. Both the MACD and RSI are falling, but the former is still positive, and the latter is right at the 50 line.

NEAR Parabola
Chart By TradingView

However, the shorter-term two-hour chart is more bullish. 

Similarly to COMP, NEAR is trading inside a descending parallel channel. On Sept 21, it bounced at its support line. Furthermore, both the RSI and MACD have generated bullish divergences. 

If the token manages to reclaim the middle of the channel, it would increase the chances of a breakout transpiring.

NEAR Channel
Chart By TradingView

Highlights

  • NEAR has broken down from a parabolic ascending support line.
  • There is support at $6.70.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto’s Senior Analyst.

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Source: https://beincrypto.com/comp-near-kava-see-recoveries-following-recent-sell-off/

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eToro Commits $1 Million Stake to GoodDollar Universal Basic Income Project

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September 22, 2021 – Tel Aviv, Israel


eToro, a multi-asset investment platform that empowers people to grow their knowledge and wealth as part of a global community of investors, announced today that it is reinforcing its commitment to opening the digital economy to the next billion global crypto users this week by raising its stake in GoodDollar’s universal basic income (UBI) protocol from $58,000 to $1 million.

The additional capital will fund the expansion of GoodDollar, a protocol that works to further financial education and bridge the growing global wealth gap with a clever combination of smart contract mechanics, decentralized finance (DeFi) and a reserve-backed crypto token – the G$.

The GoodDollar system captures the interest generated by staking sponsors’ capital in DeFi protocols such as Aave and Compound and distributes that to a global community of members in the form of GoodDollar tokens.

At the same time, GoodDollar fosters financial education and introduces recipients to the benefits of crypto.

GoodDollar is a model that flips traditional donation-driven philanthropy on its head. Sponsors are incentivized to take part through a ‘double bottom line’ set of rewards – both financial and social.

Because it draws upon the power of DeFi, GoodDollar is free from geographical, economic and regulatory restrictions. Anyone in any country can join the digital economy by accessing free cryptocurrency via the GoodDollar app, and anyone can become a philanthropist by staking capital to support the goals of the project.

GoodDollar is in fact the world’s most universal UBI program to date, with more than 225,000 users in virtually every country on the planet.

GoodDollar recently published the results of its proof-of-concept, a limited launch of the protocol designed to validate the economic model and market adoption. Results after one year show that the protocol distributed $16,000 worth of UBI in G$ to more than 225,000 people – based on an initial stake of $58,000.

This success spurred eToro into making a deeper commitment to the project, by raising its stake more than 17-fold. The increased investment comes in preparation for the fall launch of GoodDollar V2, which will allow any believer to commit capital to the system and contribute to making global UBI a reality.

Yoni Assia, CEO of eToro, said,

“Too many people are locked out of opportunities that could take them out of poverty, including access to capital markets and digital work opportunities. The GoodDollar project aims to alleviate that by fostering financial inclusion and empowerment around the world. Our hope is for other innovation leaders, who recognize the potential of crypto, to join us and help use the burgeoning power of DeFi responsibly.”

GoodDollar was conceived by Assia and sponsored by eToro, although it was set up and run as an independent foundation and entity. The upcoming release of the GoodDollar V2 smart contract will shift stewardship to the newly established GoodDAO, and it will be the community that steers the project into the era of global decentralized economies.

About GoodDollar

GoodDollar.org is a non-profit organization on a mission to drive financial education and inclusion.

The protocol opens the door for the $80 billion DeFi market to make a lasting impact in the realm of social responsibility and help GoodDollar bring traditional markets to the 1.7 billion people who are still unbanked.

GoodDollar has built a wallet that enables any human with an internet connection to sign up and claim a small daily income in G$ coins.

About eToro

eToro is a multi-asset investment platform that empowers people to grow their knowledge and wealth as part of a global community of successful investors.

eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way.

Today, eToro is a global community of more than 23 million registered users who share their investment strategies – and anyone can follow the approaches of those who have been the most successful.

Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real-time and transact whenever they want.

Contact

GoodDollar Press Desk

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Source: https://dailyhodl.com/2021/09/22/etoro-commits-1-million-stake-to-gooddollar-universal-basic-income-project/

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ConsenSys Backed Virtue Poker and Binance NFT to Launch “Mystery Box” for Celebrity Tournament on Sept 23

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Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

The crypto and blockchain space is maturing at a rapid pace. Most financial industry experts agree that this nascent industry is here to stay because there are many different use-cases emerging for blockchain-enabled platforms.

In addition to the rise of Bitcoin (BTC) as a widely accepted medium-of-exchange and store-of-value, Ethereum (ETH) has become a globally recognized name in the crypto space. Large corporations such as Visa have acknowledged Ethereum’s role in the future of finance and its ability to support a wide range of other applications.

A growing number of online platforms have also been deploying solutions on Ethereum, despite its relatively slow transaction speeds. Even though there are many other blockchains that outperform Ethereum in terms of transactions per second (TPS) and cheaper transaction costs, they do not have the same powerful network effect that Ethereum has been able to acquire. There are also many Ethereum scaling solutions such as Polygon that will aim to make the leading smart contract platform a lot more efficient in the foreseeable future.

Yet Another Ethereum-powered Platform

Virtue Poker, a decentralized platform developed on the Ethereum (ETH) blockchain, reveals that it will be holding a Celebrity Charity Poker Tournament, which will be taking place on September 26, 2021.

The charity poker tournament participants will reportedly include Hall of Fame (HOF) poker player, Phil Ivey, former NBA all-star Paul Pierce, YouTube’s superstar Mr. Beast, TRON blockchain founder and serial crypto entrepreneur Justin Sun, Hollywood actor and accomplished filmmaker Vince Vaughn, Polygon Co-Founder Sandeep Nailwal, and Ethereum Co-Founder and ConsenSys founder Joe Lubin.

The Binance Mysterybox Collection

To commemorate this special event, the Virtue Poker team plans to launch a Binance MysteryBox collection, starting on September 23, 2021 –  representing each card in a typical 52 card deck. Collectors who possess the winning hand for each knockout during the Celebrity Event will get a chance to win prizes ranging from $2,500 to a $25,000 reward for the top prize.

Participants need to purchase two mystery boxes in order to assemble a hand. The participants can then trade with each other so that they can assemble the best poker hand through the secondary market.

The Mystery box will reportedly include an Ace of Spades that will come with Phil’s digital signature and a $5,000 prize.

Prizes

All participants with completed hands can compete and have an opportunity to win:

A $2500 price for the winning hand for each knockout. If multiple players own the hand, then the $2500 prize will be split equally among all the winners. Furthermore, the player who possesses the championship knockout hand will be able to claim a $25,000 prize.

If more than one player is holding the championship knockout hand, then only 1 player will be randomly selected to claim the reward

Participants are able to collect as many as (50) completed hands (100 boxes). Participants must also HOLD the winning hand in their Binance account to be eligible for the rewards. Winning players should email [email protected] for confirmation.

Freeroll Tournament

Virtue Poker will also hold a freeroll tournament where ALL holders of (2) mystery boxes should be getting exclusive access to participate in a $10,000 free-roll tournament on the Virtue Poker platform.

Virtue Poker NFT holders need to send a message to [email protected] with their UID and NFT screenshot to obtain the Virtue Poker referral code.

Supporting NFT Use-Cases

The Virtue Poker team is looking forward to hosting their Celebrity Tournament and are focused on offering a truly unique NFT experience for their viewers that plan to tune in. Through their partnership with leading crypto exchange Binance, they plan to support the adoption of the Virtue Poker platform and also that of NFTs. They’ve decided to take this step to show that there’s yet another real-world use case for non-fungibel tokens or digital collectibles: interacting through a live event.

The team has also thanked the Virtue Poker community for their support of their platform as they continue to expand their ecosystem in the nascent blockchain-enabled gaming industry.

As noted in the announcement, Virtue Poker is described as a decentralized poker platform that leverages the Ethereum blockchain as well as P2P networking to offer an online poker platform that is safe, “honest” and fun. It was established in 2016 within New York-based Consensys, the leading Ethereum development studio and incubator launched by crypto billionaire and Ethereum co-founder Joe Lubin back in 2014.

Backed by Consensys and stakeholder Phil Ivey, Virtue Poker aims to make blockchain or distributed ledger tech (DLT)-powered betting mainstream.

Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

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