Recently, Jeremy Kauffman, CEO of LBRY Inc., Published the Paper titled: LBRY: A Blockchain-Based Decentralized Digital Content Marketplace co-authored with Jun Li, Alex Grintsvayg and Charles Flemingz. The paper was accepted and published by the world-class organization IEEE. Which stands for Institute of Electrical and Electronics Engineers. Whose goals are:
"The educational and technical advancement of electrical and electronic engineering, telecommunications, computer engineering and allied disciplines."
On the paper a detailed review of LBRY is presented, the abstract reads:
"Despite the critical need of publishing and consuming content online, a centralized content platform such as Amazon or Youtube may not always have their policy and practice aligned with the interest of their users and could be rent-seeking, censorious, and frequently exploitative, whereas a peer-to-peer solution such as BitTorrent may suffer from issues of content discovery, legitimacy, monetization, verifiable publisher identity, and poor user experience.
In this paper, to improve significantly over both options, we propose a new approach called LBRY that enables a decentralized online content marketplace. In particular, it uses a blockchain to build a decentralized content platform controlled by the community, and allows its users to publish, host, find, access, download, and pay for content with ease. LBRY introduces a new naming scheme that gives users the full control of the names of their content, and uses a blockchain to not only support a digital currency (LBC) and transparent decentralized ledger, but also allow every user to access a synchronized name space and a global index of content metadata, thus supporting a new paradigm of digital content distribution. We detail how LBRY works in this paper, including how it designs its data structures for content, content metadata, and a novel content naming space; how it uses the blockchain to manage and synchronize the name space and implement an index for content metadata in order to support content sharing and purchase; and how it handles several issues in running LBRY."
This is excellent news for the LBRY community (who is fighting the Youtube empire of evil-and-unjust-censorship) since it gives high-level credibility to the level of research employed to create and maintain the LBRY blockchain. Whereas most founders publish their white papers on their blogs, the LBRY community can know share to everybody that the LBRY whitepaper is a peer-reviewed academically sound paper.
Here are some of the comments from some of the academics at IEEE that have read the Paper:
"Compared to centralized platforms, it has the advantage of being open and preventing censorship. Compared to a BitTorrent-based system, it has the advantage of discoverability."
"LBRY comprises novel contributions to the state of the art represented in scholarly peer-reviewed literature."
"The paper addresses a very important topic... (it) reads well and it is easy to follow and understand the reasoning of the authors. I believe it is a good incremental solution that employs well-established constructs."
What does this mean for LBC owners?
A couple of things:
- The technical foundation and the structure design of the blockchain and the protocol is solid.
- LBRY is now arguably, one of the most credible blockchain projects in the entire industry. This coin belongs to the top ten, easy.
In my article about how to become rich through math, I mentioned:
"You need a coin with true potential (so, do your own research), a coin that has a raving discord chat community, a coin that has tons of commits on github, a coin that ships new software every quarter, a coin that makes sense."
LBC definitely makes sense, however, although I do own some coins, and I have a one-year HODL experiment about it. It is not on my 100 USD pick's since it is already too expensive.
Oh boy, I wish I would have known about this coin when it was at 0.0000025, you live and you learn.
But at least now you know how does it look like a coin that makes sense.
LBRY (My favorite, I can upload PDF's, audio and video, and is decentralized, follow me there)
Cyptolohy en Español
Do you speak Spanish? check out the Spanish version of the Blog Cryptolohy, (not available in Publish0x) and receive from 20 to 40 LBC credits for free.
¿Hablas español? Revisa la version en español del Blog Cryptolohy, (no disponible en Publish0x) y recibe de 20 a 40 creditos LBC gratis: https://lbry.tv/$/invite/@Cryptolohy-Español:1
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