LBRY.io - LBRY CEO Jeremy Kauffman answersmunity questions in an ongoing Video AMA (Ask Me Anything) series. Got a question for us? Leave it in thements below or use #LBRYAMA on Facebook or Twitter
The revolutionary decentralized LBRY protocol operates thanks to a blockchain, which is made possible thanks to miningputers around the world (similar to Bitcoin & other cryptocurrencies). To learn more about mining LBRY Credits, visit lbry.io/news/lbry-blockchain-live-mine-lbc-now
LBRY Credits, or LBC, are the unit of account for LBRY. A LBRY Credit is somewhat similar to Bitcoin, but it is better classified as an appcoin -- a cryptocurrency that is designed specifically to power an application, with only that applications precise functions in mind.
The purpose of this appcoin is not topete as a better form of money than Bitcoin, but to function as a special purpose tool in ways Bitcoin cannot. We believe our appcoin is the best tool to succeed at our mission of putting every film, song, book, and game ever made onto a blockchain without trying to displace Bitcoin as aobal currency.
One of our key goals is for LBRY/LBC to be easy to access for everyday people. Initially, users will get some just for downloading the app. And anyone will always be able to earn LBC by offering some of their disk space to store encrypted file slices for the LBRYwork. Because it wont involve linking bank accounts to exchanges or even converting any of their precious fiat money, we hope LBC will serve as an easy entry point for John Q. Public into the world of cryptocurrency. They might not even realize at first thats what theyre using
Visit lbry.io/faq/credit-policy to learn how LBRY Inc. plans to administer the LBRY Credits currently in their control.
What is LBRY?
LBRY is a decentralized, open-source protocol that is controlled by its users. LBRY facilitates a similar experience to services like YouTube, Netflix, and Apple TV... but LBRY is entirely decentralized Services like YouTube are centralized platforms controlled by a sie corporate entity. Thesepanies can change theles unilaterally, as well as censor content to appease authoritarian governments or corporate partners. LBRY can never unilaterally change theles on publishers or consumers, making it dramatically stworthy.
The aforementioned video providersalong with P2P file-sharing clients like BitTorrent and IPFSalso do NOT support direct payments to publishers for the content or data they create and publish to thework; LBRY does, and LBRY also creates market incentives for data to be as widespread and available as possible
LBRY also supports the sharing of free content, but if you are earning money from your videos on YouTube right now, you are likely familiar with the recent controversies over videos being de-mized for containing content unfriendly to advertisers. Its no surprise that YouTube caters to advertisers, because those are its ultimate customers.
LBRY is not an ad-driven media service. In fact, its not a traditional media service at all. LBRY is an open protocol that allows you to publish your videos to thework at no cost to you and set a price per stream or download. Because LBRY is a protocol and not a corporate store, there is no approval process for content to be listed and no authority that can de-mize your videos. Thats between you and your fans.
With LBRY, pricing ispletely at the discretion of the creator and up to 100% of that price can go to the creator. (Compare this to iTunes fixed pricing tiers and 30% cut of every sale.)
Because LBRY uses digital currency (a la Bitcoin), creators can accept micropayments for every view without worrying about credit card processing fees. Or a studio could use LBRY to distribute a theatrical release to independent theaters and charge thousands of dollars per download. The only constraint on pricing is what your viewers are willing to pay. (You can also set your price as zero if you are not looking to mize your content)
LBRY also allows users to automatically earn rewards in exchange for contributing bandwidth, disk space, or processing power to the decentralized LBRYwork
Whats more, you can share content of any type video, music, ebooks, images, podcasts all on the same platform
Want to learn more about the revolutionary LBRY protocol?
Visit lbry.io/what and watch our LBRY in 100 seconds video: youtu.be/DjouYBEkQPY
Are you a YouTube publisher interested in syncing your videos onto LBRY? Visit lbry.io/youtube
Chat with us: slack.lbry.io
Molten Snow by Jesse Spillane (freemusicarchive.org)