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.
The LBRY decentralized platform is placed as an option for large media stores. The currency on the LBRY platform is LBRY Credit or LBC tokens.
June 2016 was characterized by the appearance of a new digital coin LBRY Credits (LBC), which is a financial instrument within the platform of the same name. The project itself is an independent (decentralized) application in which users can exhibit, actively exchange, and sell their final product of creativity.
Primary LBRY is an Internet protocol, just like HTTP. LBRY content is exposed to users through “LBRY names”, which look like this: lbry: // human. Much like the URL you enter in your internet browser. The platform is completely controlled by users. We can say that LBRY is a decentralized “Crypto YouTube”, “Crypto iTunes” and BitTorrent in one position.
LBC cryptocurrency is applied for mutual settlements within the network, it is obtained through mining, which speaks of the proof of work (PoW) + algorithm, which those who provided their computing power (PoS) earn. 1,000,000,000 LBC to be issued for 20 years.
With LBRY, users can generate and distribute their content such as music, movies, photos, author vlogs, streams, etc. In the process of uploading content to the platform, the user can determine and charge for access to it or not. Unlike YouTube, for instance, the author himself sets any payment for entrance to his content or distributes it for free and without ads. The rest of the platform users can help content authors by sending them various LBRYs.
You can also get these coins as a consequence of mining or by buying them on cryptocurrency exchanges Poloniex, Bittrex, etc. Now, LBRY wallets are open on Windows, macOS, and Ubuntu platforms. LBRY uses a PoW coin production system, and the maximum supply of coins is limited to one billion.
Today LBRY wallets are usable on Windows, macOS, and Ubuntu platforms. LBRY uses a PoW coin generation system, and the maximum supply of coins is limited to one billion.
Specifications
The technical parameters of the LBRY cryptocurrency are as follows:
- Total daily volume – USD 1,000,000;
- Limited to 1 billion coins (coins);
- Hash algorithm – LBRY;
- PoW protection method;
- There are electronic wallets for storing financial transactions with LBC for Windows, Ubuntu, and macOS operating systems;
- Coins can be exchanged at Poloniex, Bittrex, and other virtual trading platforms.
The relatively small capitalization of the decentralized system, despite its almost two years of existence, does not affect the indicator of prospects, the project developers assure, reinforcing their conviction with facts that influence the formation of a positive assessment among the population (potential users):
- A large, constantly increasing number of participants in the art exchange;
- Positive feedback from the media.
- Deflationary architecture is a limited number of coins, which implies an increase in the value of a coin if the popularity of virtual money increases.
Benefits
The authors of the digital architecture set a goal to create worthy competition and, as a result, overtake the centralized Netflix sites that sell cinematic content (TV series, films, etc.), YouTube, iTunes, and other media stores to everyone. … The promising business plan declared by the developers is confirmed by the following advantages of Libra:
- Within the network, the commission is not charged directly from the authors of unique content;
- The cost of the posted audio or video material is regulated by the creators of the copyright content. The owner of the work can usually offer their content for free;
- The range is already much wider today than that of Netflix since the platform is publicly available. Access to independent media is open here – the licensing problem has been resolved;
- Without advertising. No need to subscribe;
- Payment is made with fiat (traditional) money and intra-system cryptocurrency LBRY;
There is no control on the part of state bodies. As a result, there is no censorship – the state “instrument of violence”, hated by the creators and at the same time frightening all creators.
With such clear advantages, Libra is truly capable of removing the “monsters” of the media market from the leading position in the industry.
Disadvantages
- The client that is used to download is a new technology that has not yet been tested in the market. During widespread use, only the market will determine whether users will accept this platform as standard.
- The new platform is doomed to stand up to giants like YouTube. Inviting a mass user with broad interests is complicated and time-consuming. And the progress of the authors and their income depends on the number of clients.
