How to get LBRY Credits (LBC), similar to Bitcoin.

How to get LBRY Credits (LBC), similar to Bitcoin.

By Teresa1995 | DigiLife | 21 Mar 2021


The LBRY protocol & Odysee has a built-in digital currency that allows it to function called LBRY Credits (LBC), similar to Bitcoin.

 

A built-in digital currency creates an opportunity for a new kind of business that has never existed: the protocol-first enterprise.

LBRY Inc. has reserved 10% of all LBRY Credits to fund continued development and provide profit for the founders. Since Credits only gain value as the use of the protocol grows, the company has an incentive to continue developing this open-source project, and we can do it all without taking a percentage of anyone's transactions.

Here's how LBRY Inc. doesn't make money:

  • We do not take a cut of any transactions. When users purchase content on LBRY, 100% of the listed price goes to the publisher. There is also a small fee added on top that is paid to the decentralized network of hosts that store and deliver the content to you. LBRY Inc. doesn't take any of that unless the company is publishing or hosting content itself. The same rules apply to everyone.
  • We do not earn profits from auctioning of names, nor do we benefit from bidding wars over names. Our goal with the naming system is simply to allocate names most efficiently to benefit users.
  • This is not a "pump and dump" scheme or vaporware. LBRY Credits have already experienced a bubble, and we paid it no mind. LBRY is real software with a live blockchain and hundreds of thousands active users. Our goal is to increase the long-term value of the protocol, which if adopted globally, will make our reserve many times more valuable than any short-term bubble. We're patient and focused on the future.

LBRY, Inc. also makes or will make money through financial exchanges, optional advertising, providing value-added services to LBRY users and/or consulting content producers who want to harness the power of LBRY. But remember, by design, we are not able to single-handedly change the rules on users of the network.

 

How do earnings per view work?

We track views from Odysee and other LBRY apps. When a user with a validated account views a creator's content, the creator receives a payment of Credits (LBRY Credits) for that view and is designated as a Tip on the wallet page. To prevent abuse, the first 7 daily validated views from a user will qualify.

How do I check how much I earn per view?

Click the User Avatar icon from the front page and then Channels to see your rate.

 

How do I see a summary of what I have earned or been tipped?

Click the Credit icon in the top right corner of the front page - this will take you to your wallet. Filter transactions by Received and Tip.

Earning per view rewards will also be summarized monthly on the Rewards page under Content View Tips: Month Year.

How do I claim tips that I have earned per view and from users?

By leaving your tips locked in your content or channel, it increases its trust and discovery on the platform.

To unlock, access your your wallet, and filter transactions by Received and Tip and Active. You'll seed a padlock icon next to tips you've received. Click the padlock icon to unlock the tip you want to claim and have it enter your balance.

 

How to qualify for monetization?

All users are eligible to receive tips from other users and participate in any site/app promotional campaigns whereby Credits are offered as reward.

Eligibility for earning per view is dependent on the following:

  • The content must be your own original content and not derivative of others' original works.
  • The content and channel must be accurately tagged.
  • The account must be at least a week old.

The following type of content is not eligible for earning per view:

  • Copyrighted works.
  • Illegal content.
  • Controversial content (real violence, torture, abuse, incitation of hatred) - content that contains one or more of these elements but is not news/educational content.
  • Spam.
  • Reuploads or derivative of works on top of other public/copyright-free/creative commons content.
  • Related to airdrops/free money.

The following can disqualify a user from monetization:

  • Spamming promotional messages.
  • Participation in follow-for-follow/view-for-view activity on Odysee and other LBRY apps, as well as on public forums and within private chats.
  • Any other abuse or manipulation of the rewards program.

 

In our AMA title, we pitched LBRY as a "community-driven" YouTube alternative that could "save the internet." That's a lot of big talk, but what does it mean for the people who care most about the changes happening on YouTube – the content creators?

If you are earning money from your videos on YouTube right now, you are likely familiar with the recent controversies over videos being "de-monetized" for containing content unfriendly to advertisers. It's no surprise that YouTube caters to advertisers because ultimately, that's their main revenue stream.

LBRY is not an ad-driven media service. In fact, it's not even a traditional media service at all. LBRY is an open protocol that allows you to publish your content to the network at no cost to you and allows you to set a price per stream or download if you wish. Because LBRY is a protocol and not a corporate store, there is no approval process for content to be listed and no authority that can "de-monetize" your videos. That's between you and your audience.

With LBRY, pricing is completely at the discretion of the creator, and 100% of that price goes to the creator. Compare this to iTunes' fixed pricing tiers and 30% commission of every sale.

Because LBRY uses digital currency (a la Bitcoin), creators can accept micropayments for every view without worrying about credit card processing fees. Or a studio could use LBRY to distribute a theatrical release to independent theaters and charge thousands of dollars per download. The only constraint on pricing is what your viewers are willing to pay.

With YouTube monetization, creators earn a variable amount based on viewers' engagement with ads. There is no set formula, but we've found a reasonable guesstimate of around $2 per thousand views. This works out to a penny per 5 views. So on LBRY, if you charge just one penny per view (a price any viewer would pay without a second thought), you may get 5X the per-view earnings you'd get from YouTube instantly!

Furthermore, you can share content of any type – video, music, ebooks, images, podcasts – all on the same platform.

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