17 Jan What is LBRY Credits and how it works
If you came across this strange acronym (no, it is not the stage name of an American singer), today we’ll show you what LBRY is and how it works.
What is LBRY Credit
LBRY is a sharing platform that uses blockchain technology to allow users to publish material and monetise published material with its integrated payment system. It is a system which combines the great technical advantages of Bitcoin and Bittorrent services for people who want to share content.
LBRY was born from the idea of the founders (Jeremy Kauffman and Mike Vine) of wanting decentralize the way resources are shared and published on the Internet, creating a system that directly awards the artist and that guarantees artists who share their content total control over their media.
LBRY is defined on its official website as a secure, open and community-managed digital marketplace that allows its users to enjoy the latest content of their favorite creators, as a user, and not as a product.
This means that one of the main objectives of the project is eliminate one of the limits that characterize platforms like Youtube and Spotify, where users who use the published content are forced to see ads, in exchange for free use of the platforms, making the users themselves a product.
How LBRY Credit works
As we have just mentioned, LBRY is a protocol. Allows anyone to create apps through which content creators can:
- upload their work to the LBRY host network (come BitTorrent),
- choose a price for streaming or download (such as iTunes)
- o share it for free (such as YouTube without advertising).
The work published includes video, audio, documents or any other type of file. Everything happens through blockchain technology.
Traditional video sites like Youtube, Instagram and Spotify store uploads to their servers and allow viewers to download them. They also allow creators to make money through advertising or other mechanisms.
LBRY wants to be an alternative to sites like Youtube, Instagram and Spotify, allowing publishers and their fans to interact directly, without the risk of demonetization.
As explained on official website, if for many users LBRY is a platform where they can find videos, music, ebooks etc., in reality when we talk about LBRY we can refer to 3 components that work together.
- LBRY as Cryptocurrency;
- LBRY as a content sharing platform;
- LBRY as a project.
Below we will see the characteristics of each of them.
LBRY is the name of the cryptocurrency of LBRY credits, whose acronym is LBC.
LBC tokens can be obtained through mining, through buying and selling in Exchanges or through the reward program.
Rewards (rewards) are one of the ways in which LBRY users can get LBC, through content viewing, channel tracking, content publishing, having other users follow their own channels, inviting other people to join LBRY and more.
LBRY Credits is based on a decentralized blockchain platform, designed, as we have already explained, to allow artists to upload their content on a host network and set a price for streaming or download, or share them for free.
Content uploaded to the LBRY decentralised network remains publicly accessible as long as the community finds it valuable and continues to host it.
The primary goal of the project is to develop the LBRY application that helps to interact easily and quickly with the protocol, using an open source code.
According to the project developers, LBRY’s application is not only fully open source, but also allows you to create competitive applications which also use the LBRY protocol. This ensures that the protocol will always remain active.
Where to buy, sell or exchange LBRY Credits (LBC)
So you can get and buy LBC through various modes:
- As a gift through the LBRY Rewards program, that allows users to earn credits for completing tasks through the LBRY application. You can receive LBC awards for actions such as streaming your first video, publishing your first content or watching different videos.
- y referring friends who join LBRY.
- By helping with activities such as providing additional testing or offering assistance to the LBRY community.
- By contributing to the LBRY project as a developer or engineer.
- Mining them. LBCs are mined over a 20-year proof-of-work period. Block rewards increase every 100 blocks of 1LBC, peak when they reach 500LBC, and then slowly decrease.
- By publishing content on the LBRY network e vendendoli presso la LBC di tua scelta.
- By purchasing LBC on exchange.
If you are going to buy LBC on an exchange, below we leave you a list of the popular cryptocurrency exchange, which offer this token:
- Bittrex: One of the largest cryptocurrency exchanges with a selection of over 190 cryptocurrencies and 3 USD pairings.
- CoinSwitch: Founded in 2017, CoinSwitch is an India-based cryptocurrency exchange that allows users to trade over 300 cryptocurrencies on over 45,000 currency pairs.
- ShapeShift: allows you to convert between different cryptocurrencies without having to make a deposit first.
Great for simple crypto-to-crypto operations.
- Changelly: A crypto-to-crypto exchange that provides access to competitive exchange rates for over 150 cryptocurrencies.
Which wallets to use to store LBC?
Storing your LBCs on an exchange is not recommended for security reasons. For this, we advise you to do it using a secure wallet.
TheLBRY app has an integrated wallet and is available for Windows, macOS, Linux, iOS, and Android operating systems.
If you are looking for another type of LBRY wallet, we recommend the one of Coinomi.