Huge changes are incoming for LBRY, the content sharing platform leading the way in trying to upstage youtube and give a free from censorship platform to all creators.
In April and May a huge spike in new users signup made the platform very popular, with lbry.tv being launched and a lot of rewards being given to publishers. This wasn't sustainable for Lbry INC and for the price of the coin, so many changes were made including reducing the view rewards and cracking down on the number of people that were allowed to receive these rewards.
Now in this article, the team explains how the new system will work and how it will be sustainable, using math and algorithms.
In my opinion, transparency is the key of the new system, with clear rules and understanding of how view rewards will be given out; the base view reward rate, viewable in the app at all times it's a first important step and "content that results in longer views will earn more" is a great update.
If you haven't already, sign up for a lbry account and start earning rewards for publishing content or just for using the app (daily view rewards are given up to 50 LBC a day). If you want to buy $LBC, the best exchange to use is Bittrex Global for me.
I have a nice amount of LBRY in my wallet that I'm not currently staking, I'm thinking of staking new creators content for free, as a giveaway (staking videos make it more visible), let me know in the comments what you think of this idea.
Here are the base points of the new system.
- There is a base view reward rate, viewable in your app at all times.
- You earn this amount for each view of video and text content from users with validated lbry.tv accounts.
- Non-video and non-text content earn a fraction of the base rate.
- If you’re a qualified LBRY-first or LBRY-exclusive creator, you can earn a multiple of this amount.
- Content that results in longer views will earn more.
- The reward adjusts upwards and downwards based on an algorithm that factors in things like the growth of the network and the price of the token.
- The algorithm ensures that the company itself will never go above 500,000 LBC per week in view rewards, guaranteeing several years of sustainability while we build out advertising and direct monetization.
- The algorithm will begin pegged at 250,000 LBC per week, above what we are giving out currently per week.