LBRY Coin is a digital currency that powers the LBRY decentralized video sharing platform. It's designed to reward creators for producing high-quality content.
The LBRY Coin is based on a proof-of-work consensus algorithm, which means that miners compete to solve complex mathematical problems to validate transactions and create new coins. This process secures the network and helps to prevent tampering with the blockchain.
LBRY Coin has a total supply of 1 billion coins, with a portion allocated to the team and advisors, and the rest available for public sale or mining. This ensures that the coin is scarce and valuable, which is essential for its long-term sustainability.
As a decentralized platform, LBRY allows creators to upload, share, and monetize their content without intermediaries, giving them full control over their digital assets.
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What Is Library Credit?
Library Credit, also known as LBRY, is a decentralized digital media distribution protocol and marketplace.
It was created by Jeremy Kaufman, a physics and computer science graduate from the Rensselaer Polytechnic Institute, who aimed to simplify the way digital content is distributed and accessed.
Library Credit uses a decentralized model, which means it's fair, free, and open to all parties involved, without the need for a middleman or censorship.
Lex Berezhny, a protocol engineer, is responsible for the backend of crucial components such as the platform's wallets, protocol, and blockchain.
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What Is?
LBRY is a blockchain-based decentralized digital media distribution protocol and marketplace, created by Jeremy Kauffman, co-founder and CEO of LBRY Inc.
It supports various mediums for distributing and consuming decentralized digital content such as music, videos, and ebooks.
The LBRY ecosystem enables developers to create decentralized applications (dApps) for the LBRY network.
Publishers can charge fees for content consumption using the native LBRY Credits (LBC), often referred to as “LBRY coin.”
LBRY puts authors and publishers in control of their content by distributing it throughout the network, making it harder to censor or illegally distribute without permission.
The platform is similar to a domain name system (DNS) in that it allocates a unique name to every piece of digital content.
The official LBRY app is available on various operating systems and has a built-in wallet to store LBC coins to purchase digital content.
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How Many Library Books Are in Circulation?
There's a total of one billion LBC tokens set to be in circulation for the first 20 years of the project. This number will decrease gradually each year, with about a hundred thousand LBC tokens being removed in the first year.
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The total supply of LBC tokens will be reduced further through bonus credits reserved for giveaway events. These events aim to create initial public awareness about the project.
Here's a breakdown of how the one billion LBC tokens will be allocated:
- 10% for partner organizations, charity firms, and other strategic institutions.
- 20% for awareness programs.
- 10% for the team, to cover operational costs and team expenses.
- 60% to be earned by the community via various activities, such as LBC mining.
Founders and History
Library Credit, also known as LBRY, was created by Jeremy Kaufman, who holds a degree in physics and computer science from the Rensselaer Polytechnic Institute.
Another key figure behind LBRY is Alex Grintsvayg, who co-founded the platform with Kaufman. Grintsvayg has a background in designing and managing system architecture for SaaS companies.
Both Kaufman and Grintsvayg attended the Rensselaer Polytechnic Institute, where they graduated with degrees in computer science and related fields.
Founders of Library Credit
Library Credit was founded by Jeremy Kaufman and Alex Grintsvayg.
Jeremy Kaufman created Library Credit as a content hosting platform without any central authority. He also founded Topscore, a registry system for managing events and activities, and holds a degree certificate in physics and computer science from the Rensselaer Polytechnic Institute.
Alex Grintsvayg is another co-founder of Library Credit. Before joining the platform, he designed and managed system architecture for SaaS companies.
Both Jeremy Kaufman and Alex Grintsvayg attended the Rensselaer Polytechnic Institute, from which they graduated with degrees in computer science and other fields.
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Foundation
The LBRY Foundation is the heart of the LBRY community, available through LBRY.org.
The Creator’s Council is responsible for validating verified creators and supporting the LBRY foundation with decisions surrounding optimizing the experience for creators.
The Creator’s Council is a collective of LBRY creators themselves, ensuring all creators on LBRY receive the support they need for content creation.
The Advisors Council is responsible for the general direction of the LBRY community, operated by a collective of active LBRY community members.
The Advisors Council facilitates community events, projects, and activities to increase engagement and awareness of the community.
The LBRY Foundation offers a weekly podcast, available through the community Discord group, where community members can join every Friday at 2 pm Eastern Time.
Anyone can join the LBRYArena project by heading to Discord, finding the #bots-and-roles, and typing “!addrole LBRYArena” to sign up.
The LBRYArena is designed to increase traffic and engagement through exclusive games and activities.
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The LBRY Foundation also funds the LBRY Tavern, an opportunity for developers to receive funding for creating applications on the LBRY blockchain.
To receive funding, developers can submit a request by applying through the LBRY Discord server, with three tiers of funding available: tier 1 – 200USD, tier 2 – 400USD, and tier 3 – 800USD.
Unique Features
Library Credit, the platform behind the LBRY coin, has some truly unique features that set it apart from other content sharing platforms.
It uses a decentralized and distributed network, built across several host computers, to provide a level playing field for all participants.
This model is designed to solve common problems like censorship, user privacy abuses, and unfair revenue sharing.
The platform's revenue generated from content consumers' activity is fully credited to publishers in their preferred payment method, whether that's the native LBC token or through third-party processors.
Independent host providers can also earn a passive income by offering their computers' processing power to the platform.
This mechanism is expected to make LBRY an affordable and appealing option for content creators.
Library Credit's protocol engineer, Lex Berezhny, is responsible for the backend of crucial components like the platform's wallets, protocol, and blockchain.
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Blockchain and Network
The LBRY blockchain is a public Proof-of-Work (PoW) blockchain that uses a normalized string of characters coupled with a set of metadata to create a "claim." This claim makes all content referenced by it accessible as a LBRY URL.
The LBRY blockchain separates names and metadata from transaction data using parallel Merkle trees.
LBRY prioritizes each publisher's intellectual property rights by using a robust record management system to secure the network.
The network is secured via end-to-end encryption technology that combines a blockchain model and DHT (distributed hash tables) data structure for encoding and retrieving data in a peer-to-peer exchange.
The LBRY Data Network stores, interprets, and validates all metadata referenced by the LBRY blockchain, providing a software development kit (SDK) and wallet functionalities to facilitate the building of applications on the LBRY network.
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Frequently Asked Questions
Is LBRY still working?
LBRY is no longer operational as an organization, but its code remains available. The platform's shutdown was a result of costly and prolonged legal battles with the SEC.
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