The simplest guide to LBRY and LBC

The simplest guide to LBRY and LBC

By Roberto D. | CryptoFarm | 17 Sep 2020


Many of you have heard of decentralized file sharing platforms such as the LBRY platform lately. Today we are more and more willing to look for platforms that can protect us from the theft of our personal information.

This is what happens with Facebook which some time ago was at the center of an investigation for selling personal information of its users for profit. That is why with the introduction of cryptocurrencies and therefore with the birth of Bitcoin and the like, this aspect of protection has become fundamental.

From what comes what and we began to think of creating social networks (or social blogging), which used this concept. And what has happened with the Library (lbry) platform is that it has built a platform where these principles are at the top.

 

Note: Whenever you read LBRY in the article, if you want, you can click
and you will be redirected directly to the official website of the platform

 

What is the library platform (LBRY)

As previously mentioned, LBRY is a decentralized platform for sharing files that can be images, videos, music, podcasts and so on and so forth.

The platform was born in 2017 without making an ICO, and has only recently been establishing itself as a solution to Youtube blocks. In fact, Youtube in recent times has become sadly known for deleting videos (or even accounts) that are completely unmotivated to anyone who talked about cryptocurrencies.

LBRY is an open source and permissionless project: there is no supervisory body inside that controls it but the entire network controls everything. To give an example, which will probably make it easier to understand, is a bit what happens on Bitcoin where there are miners who "keep" the network to work as expected.

This project runs on a blockchain and therefore uses a consensus system called Library. The library platform uses two archiving systems on blockchain, namely On-chain and Off-chain.

In this case, all this translates into a quick view and sharing of content for users.

The miners on this platform maintain the archive where all the content published by the user is placed inside.

So a user who shares a file uploads it both in on-chain and off-chain, in this case the file can be shared both by the user's archive and by the miners, i.e. the main archive.

Precisely for this type of process, LBRY pays a commission to keep the user's archive always active and therefore does not allow to overload the main network.

Furthermore, when you want to view content, the platform downloads the file and in this case the sharing of the file itself is speeded up.
Then each user downloads the file by creating their own off-chain archive within their PC and is paid to do so.


The function of the LBC token

The platform uses the LBRY Credits (LBC) token as the main tool to interact with it.

In fact, the LBC token can be purchased on various cryptocurrency exchanges (they are all listed within the platform) and allow you to have control of many functions.

One of the main features of this token is that owning it is equivalent to having power over the platform. That is, to be able to share content that is video, image or music, you need to pay a commission to do so (the commission is ridiculous: consider that it is about 1 LBC and every day you get many more for free through the rewards system by LBRY).

Paying this commission in this case you go to share the file on the network and also go to advertise the same.

It is a bit like what happens on Youtube: the shared content is not paid but in order to be sponsored it needs paid advertising.

So the more you decide to pay a high commission and the more your content gets sponsored for a long time and attention, you get paid for every single view your content gets: be it music, video, text, image, or podcast.

The LBC token is therefore earned through the daily airdrops of the platform and through the publication of content, in the case of publication, the more you decide to pay the more views you will get, getting more views means earning more.

The LBC token is therefore nothing short of fundamental for the maintenance and management of the entire platform.

The maximum quantity of the LBC token is 1 billion, currently about 350 million are in circulation and the remainder is produced by miners, in this way the advantages are two:

  • Inflation is reduced
  • The platform is growing steadily

 

How to use the library platform

At this point (I hope) you are wondering how I can use this platform to advertise and earn from content?

The answer is simple, use it as you would use Facebook or Youtube.

Obviously the first thing to do is to create an account that is free by doing it from here.

At this point LBRY welcomes you with free token libraries that will then be used to reinvest them in the contents.

Furthermore, LBRY gives you the opportunity to earn more LBC tokens by simply completing tasks, in this way you have the possibility to continue posting content simply with the tokens generated through the rewards (even if we go to watch a content every 24 hours, the platform rewards us with LBC tokens).

The platform is supported on all devices including Android, Windows, Linux and via the web (only on iOs the app is still in beta).

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In the image above we can look at what the LBRY platform looks like: in the upper part there is a menu and the balance of the tokens that you have in your wallet.

Instead if you want to do something else just go to the top and click on the little man sign.

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In the menu that appears after clicking you can:

  • Share a file (in Publishes)
  • Create or edit the channel (in Channels)
  • See your channel stats (in Creator Analystics)
  • Look at the goal board (in Rewards)
  • Finally invite someone and earn from the invitation (in Invites)
  • Instead, if you want to change the settings, just go to the gear image at the top right.

 

More on the platform

The platform is very easy to use and is very simple, content sharing is made very easy thanks to the very linear structure of the platform that allows you to upload whatever you want in a few clicks.

Furthermore, this project allows you to upload videos from the youtube channel to it just by connecting the youtube channel to the library. Let me explain: are you already active on Youtube? Just connect Youtube to LBRY and you will earn from both platforms. Furthermore, through this link all the files of your Youtube channel will be uploaded to a Blockchain.

Many creators who talk about cryptocurrencies on Youtube are already moving to LBRY due to the restrictions imposed by Google.

 

This is more or less everything, what do you think? Did you know LBRY and its LBC token? Let me know yours in the comments.

As always, thank you if you made it this far and the next one!

 

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 Telegram channel: https://t.me/freewaystoearn


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