Bonding and Delegation

Bonding is how most users participate in the Livepeer protocol and add value to the network long term by vetting and electing the best nodes to provide transcoding and video services to the network. See the Delegator Wikipage which describes what bonding and delegation is, how to do it, as well as tutorials on how to weigh various Transcoder statistics

The protocol mints new token every round and rewards participation in the network as a Delegator or Transcoder

Delegating using Explorer

Explorer is a tool we built to interface with livepeer cli in a less technical way

Assessing Transcoders

Assess transcoders based on performance, statistics and social campaigns

Delegating using the Terminal

In order to bond your Livepeer Token (LPT) you use livepeer_cli.

$ livepeer_cli

Make sure you have ETH and LPT and are running a Livepeer node as described in Getting Started.

The CLI presents options to

  • Bond
  • Unbond
  • Withdraw Bond

When you choose to bond, it will present you with a table of transcoders to choose from in order to bond towards. You should select a transcoder based upon many factors including the fees that they're charging and sharing back to you, their statistics on past performance, and the social data that they've shared through forum posts or other Livepeer related resources. In the end, you're making a decision about whom you think will add the most value to the Livepeer network.

Keep in mind that if you delegate towards a high performing, honest transcoder you will earn a portion of the fees that they receive. If you delegate towards a transcoder who cheats or doesn't reliably do work in the network, you will lose out on the economic opportunity of fees and inflationary token issuance. Select wisely!

  • Choose the option to Bond when you'd like to bond.

Unbonding

A Guide to Unbonding and Claiming Fees can be found on our Delegator Wiki

  • Choose the option to Unbond when you'd like to withdraw your bond from a particular transcoder.

You will not yet be able to access your token while it's unbonding for the length of the UnbondingPeriod. You can rebond during this period to the same or a different transcoder.

  • At the end of the UnbondingPeriod you can choose the option to Withdraw which will now give you access to your unbonded token.