LBRY is a content distribution platform where users determine the fees and conditions under which they are willing to share their content using blockchain technology and the Bittorrent protocol. It is a blockchain-based decentralized content-sharing platform targeted at content creators (directors, musicians, writers, or software developers) who want complete control over their work.
It supports a variety of content, including but not limited to videos, songs, e-books, etc.
LBRY uses blockchain at its core, which allows only its author/publisher to control the content, and not third parties, which effectively eliminates issues such as censorship and copyright. Since the LBRY project is open source, developers can create their decentralized applications (dApps).
Content creators can use these apps to upload their content to the LBRY network and monetize it by installing a fee. LBRY Credits, or simply LBC, is a cryptocurrency created by the LBRY network to fuel the entire digital content market.
In addition, LBRY Credits offers a well-known YouTube affiliate program. The promotion allows creators to easily sync their YouTube channel with the LBRY network, making significantly more money from their content. They are paid in LBRY Credits, and LBC currencies. Content creators receive 2 LBCs ($ 0.18) per view. The terms of the affiliate program are only that the channel has at least 500 subscribers and uses original content. Sounds reasonable, right?
The ever-expanding digital blockchain market seems incredibly promising. LBC has met all of its 2020 roadmap goals and is attracting a sizable organic audience. I like the look of the BBK for the near and distant future. Unlike many blockchain-based cryptocurrencies, the value of LBRY Credits is very tangible and their protocol is easy to use.
There is a strong incentive for any content creator to move away from major technology platforms like YouTube and adhere to the ethical code of decentralized media. Needless to say, the UI / interface of the app is phenomenal and the price of the LBC has gone up 10x from last year’s price. The LBC cryptocurrency is indeed mineable and is a proof of work verification system. LBC is listed on three small but well-known exchanges: Upbit, Bittrex, and Coindeal.
The LBRY platform also gives LBC mining by providing block rewards. Jeremy Kauffman co-founded LBRY Inc. with the concept of a decentralized global content hub that is not controlled or owned by anyone. Jeremy is currently the CEO of LBRY Inc. Before starting work on the LBRY project, Jeremy founded TopScore, a million-dollar event, and activity registration startup.
LBRY provides its official app that can be used to store LBCs. LBRY is available for multiple operating systems such as Windows, macOS, and Linux. Android and iOS versions are still in development.
Besides the official LBRY wallet, users can opt for the Coinomi mobile wallet recommended by LBRY.
LBC can only be obtained through exchange. Users can also take advantage of LBC mining and different rewards given by the LBRY network to its users in the LBC coin. While the concept behind the LBRY network has great growth potential, it faces direct competition from entertainment giants like YouTube and Netflix, and some of those platforms have been around for over a decade.
Mining
Likewise, mining LBRY with a processor is useless, so mining only cryptocurrencies (solo mining), relying solely on its computing power, is ineffective. Therefore, it is advisable to become a member of the pool – a community of miners, within which the block is generated by all the resources of the participants.
The remuneration is usually allocated based on the production capacity provided. Pool selection is a responsible business. It is important to pay attention to the longevity of the project, commission, and user reviews. The LBRY official website recommends the following communities for coin mining:
- Pool.MN;
- SuprNova;
- CoinMine;
- MaxMiners;
- YIIMP;
- CoinQuarry.
You should be qualified for the fees that pool purchasers charge users. Normally, the commission is around 1%. But you don’t need to download the complete blockchain.
