LBRY – A Marketplace for Digital Content
LBRY is a decentralized platform. On the platform, content creators can host their content. The content can be sold or can be given for free, putting the users in more control.
The content storage is also decentralized with the help of network participants. In turn, users are rewarded for contributing processing power, disk space, and bandwidth to the network.
And LBRY has its own blockchain that is similar to a Bitcoin (BTC) blockchain.
The native cryptocurrency of the platform is LBRY credits (LBC). The maximum supply limit of LBC is one billion tokens. And, the current supply is around 167 million tokens.
The credits are distributed over time as per the following model.
- 10% – organizations, charities, and strategies. For example, to the institutions like EFF, which fights for digital rights.
- 20% – Adoption programs. Giving incentives to the users to start using the LBRY platform.
- 10% – to the LBRY company for operational costs.
- 60% – mining rewards.
Wallets for LBRY credits
An LBRY application that allows you to access the content on the network is available for Windows platform. The same desktop application will serve as a wallet.
Storing LBRY credits on Android phones is supported by Coinomi wallet. Support for more platforms will be coming soon.
How to get LBRY credits (LBC)?
There are several ways. One such is mining LBRY. sysIt uses proof of work mining mechanism. And, mining with GPU would be more viable than CPU.
Moreover, there is a reward program for encouraging new users. For example, for watching the first video on the platform, you will get 2 LBC. Plus, there is a referral program in place. So, invite your friends for more credits.
You can also help LBTY team with some tasks, for example, contributing to the project, to earn some LBRY credits.
Lastly, there is a bounty program. You can get bounty by finding typos in the information presented by the company. And, even by writing and spreading about LBRY you can get rewards.
Anyhow LBRY is trading the cryptocurrency exchanges: Bitrex, Poloniex, and Cryptopia.