LBRY

LBRY is a blockchain-based file sharing and payment network that powers decentralized platforms, primarily social networks, and video platforms.

Overview

LBRY is a platform that seeks to simplify the way digital content is distributed and accessed by both consumers and producers. It uses a decentralized model and is free and open to all. LBRY was created as a content hosting platform, without a central authority. Although it was built as a platform for free speech, it moderates its contents as scenes that promote pornography, terrorism, and more, are constantly removed from the platform. In other words, it is able to moderate content that is built on the protocol.

The major means of exchange on the platform is the Library Credits (LBC) which remains the official cryptocurrency of the platform. As such, the company cannot operate without sufficient liquidity. It is used as part of a digital store built on the LBRY blockchain. Creators can charge to stream their content or earn tips using the currency. LBC Tokens are a component part of the LBRY network. The token is traded on different currency pairs on exchanges such as Upbit, coinEx, Bittrex, and Hotbit. Both the company name, and the Library project are pronounced ‘library.’ 

LBRY functions as a distributed network built on a protocol. This makes it easy for publishers to charge a fee to content consumers without censorship or the need for a middleman. The LBRY project was launched towards the end of 2018, and is now serving as an active community. LBRY is the first digital marketplace to be controlled by the market's participants rather than a corporation or other 3rd-party. 

Product Details

LBRY uses the concept of a decentralized and distributed network. The concept of a decentralized and distributed network is created across several hosts of computers. This builds a content-sharing crypto platform that offers a level playing field for all participants. Every user has access to and can modify the network on their end as it is interconnected and accessible independently. The platform allows anyone to create an account and register content that cannot be deleted by the company.

LBRY creators also run Odysee, a video-sharing website that uses the LBRY network. Video websites built on LBRY like Odysee are decentralized alternatives to YouTube. . Another video-sharing website built on the LBRY platform is Spee.ch, a media hosting site used by groups such as Deterrence dispensed—a group that was suspended for promoting and uploading 3D printed firearm blueprints. It later switched to LBRY.TV.

LBRY allows independent host providers to earn a passive income on the platform. Users of the platform can offer their computer’s processing power to earn LBC and encourage others to do the same. This feature helps content creators find LBRY affordable and more appealing.

LBRY is secured via end-to-end encryption technology. The end-to-end encryption technology combines a blockchain model and DHT (Distributed Hash Tables) data structure for encoding and retrieving data in a peer-to-peer exchange.

LBRY prioritizes each user’s intellectual property rights by using a robust record management system. LBRY  ensures that your published content is yours and yours alone. To further protect intellectual rights, users are subjected to laws such as the DMCA.

LBRY is able to moderate content on the website they built for protocol. As long as the content is built on the website, LBRY has no problem locating it and moderating it. On LBRY’s platform, guidelines prohibiting pornogfraphic content, terrorism, and violence are prohibited, and any content that breaks the rule can be delisted. The content and channel still remain in place, and can still be shared, but it won’t show up on search or browsing channels anymore. 

LBRY generates revenue from content consumer's activity. This revenue is fully credited to publishers in their preferred payment method—either using LBRY or a third party.

LBRY technology uses BitTorrent technology to serve content. The BitTorrent technology serves content, without relying on their own servers by using peer-to-peer file sharing. Creators can record video content to the LBRY blockchain, or other digital content as well including music, images, podcast, and Ebooks.

LBRY projects are open source. They involve peer production and open collaboration. The open-source model is a decentralized software-development model. It is available to the general public for use or modification at any point in time.

LBRY protocol is built on blockchain and BitTorrent technology. The platform is built on both blockchain and BitTorrent technology and utilizes both to carry out activities to keep customers engaged. LBRY cannot moderate users' content or uploaded the content at the blockchain level. It can only be done on the website.

LBRY has put up measures to prevent all sorts of illegal activities.  The moderation on the platform allows it to be able to check illegalities and vice. Measures such as Hash modification, infringement penalties, and processes that make infringement expensive and out of reach are implemented to prevent other illegal activities.

LBRY seeks to solve some of the major problems in publishing. Problems such as censorship, abuses of user privacy, unfair revenue sharing formula that affect corporations that offer similar services.

LBRY has a data network. LBRYnet makes the LBRY blockchain useful beyond a simple payment system. It explains what to do with the information available in the LBRY blockchain. Users can learn how to issue payments, look up a content identifier, and more. to use the LBRY network, the user's computer needs to be able to speak LBRY.

LBRY has features similar to the domain name system at the highest level. It creates an association between a unique name and a piece of digital content, such as a movie, book, or game. 

Recap

LBRY is a platform that seeks to simplify content distribution and access.  It is said to be a formidable replacement for YouTube. The company describes Odysee and other platforms built on its protocol as platforms for free speech. Albeit, it moderates content slightly out of respect for each participant’s rights. LBRY is the most open, fair, and efficient marketplace for digital goods ever created, with an incentive design encouraging it to become the most complete.