Understanding LBRY Credits LBC-
LBRY is a blockchain technology-based digital content hub. It offers a solution to the content marketplace and the related issues it faces. With the growing digital content distribution online sites, the need to protect the digital content from problems such as copyright, censorship, privacy rights, and issues, ways for monetization and so on, has also grown. We can only imagine how complicated it can get if it is not handled with a smart solution. Exactly here, LBRY offers smart solutions to handle the ever-growing digital content distribution platforms. The objective of LBRY is to give a power of control to the users and the creators of the content with the help of the blockchain technology. The aim is to shift the power control from the giant corporations and related companies to the hands of the users.
Defining LBRY Credits LBC-
First of all, let us start with the name. LBRY is pronounced as ‘Library.’ As described earlier in this article, it is a decentralized digital content distribution platform. Along with being a blockchain based decentralized platform, it is also a marketplace too. All kind of digital content such as E-Books, songs, videos and so on, get support from LBRY.
The use of blockchain technology helps LBRY to offer the user to control their content single-handedly. The decentralized nature of this platform offers liberty from the third party interference and influence on the content and authorship of the content posted by the authors/ users. This wipes any possible issues of copyright frauds, plagiarism, and censorship and so on.
Another feature that makes LBRY more attractive is that it is an open source project. This feature allows the developers to come up with their unique decentralized applications which are also known as the dApps. The control again stays in the hands of the user as it allows them to monetize their own content by setting their own fee charges.
LBC is the crypto offered by LBRY Credits. This cryptocurrency is created to support the LBRY’s digital content market. This crypto coin enables the users of the network to gain access to the monetized digital content on the LBRY platform. Also the LBRY platform also the users to mine the crypto-coin by giving block rewards.
Background about LBRY-
Jeremy Kauffman co-founded LBRY. The company aimed to build a decentralized global content hub, where there is no external control or ownership, and the users or the author simply own the content. Right now Kauffman is serving as the chief executive officer of LBRY Inc. Kauffman has several prestigious projects in his resume. For instance, before founding LBRY Inc., he founded TopScore. TopScore is an activity registrations startup which worth a million U.S. Dollars. Along with Kauffman, Alex Grintsvayg (Chief Technical Officer), Josh Finer (Director of Operations and Analytics), and Jack Robison (Protocol Developer), also serve LBRY Inc. as co-founders.
What makes LBRY Credits LBC so beneficial?
There are basically three layers to the answer to this question. It consists of- LBRY Technology, Protocol Layer and Service Layer, which we will describe below-
What HTTP is for internet browsing, in a similar way- LBRY protocol is for the LBRY network. You can navigate your choice of content with just a few clicks. The protocol allots a unique name to each individual user. Every time a user uploads any content, that digital content goes under that allotted name. The other users then can search the digital content either by the author’s name or the specific content.
Further, the LBRY network can be categorized into two parts-
- The first one is called Protocol Layer. LBRY blockchain serves as the first core component of the LBRY protocol layer. It is used for LBRY’s core functions which are- metadata storage system and a decentralized lookup.
- A second core component is software called the LBRYNet. The main purpose of this software is to catalyze the interaction between LBRY network and a user’s computer. Whereas the main focus of the LBRYNet is to decide on the use of the information which is stored in the LBRY blockchain.
The main function of the Service layer is to carry out the functions that are finalized by the protocol layer. If we compare this layer to the fixed protocol layer, we will find that it is more flexible. Service layer also uses the applications of the different use cases that are developed by the protocol layer.
Want to purchase the LBRY Credits LBRY?
If you wish to buy the LBRY Credits LBRY, then you can’t purchase it with fiat currency. Instead, you can only get it through a crypto exchange. Another way is to use LBC mining as well as the rewards that the company offers in the form of BBC Coins. The crypto coin is available across various crypto exchanges such as Bittrex, ShapeShift, Changelly, Upbit, Poloniex, and Cryptopia. Usually, you will find that the crypto-coin is often paired with Bitcoin BTC.
Of course, it is wise to compare rates before you buy any cryptocurrency. One way is the exhaustive way to compare it across various crypto exchanges. Another way which is a time-saving method is to use the trading platform called- Coin- Switch. It is the largest cryptocurrency trading platform that allows you to compare the prices of more than three hundred crypto coins across some exchanges. With such a trading platform you are bound to make a well-informed decision in very less time.
Another question that follows this topic is how you can store the crypto coin. Well, here too LBRY is all ready to offer its support to its customers. To store the crypto-coin, you can use LBRY app to store the LBC coin. This app is compatible with various operating systems such as Windows, MacOS, and Linux. In terms of storing the crypto-coin in your smartphone, the company is still working on this project to enable the Android and iOS users to save LBC coins.
Crypto wallets such as LBRY wallet, Coinomi mobile wallet can also be used in order to store the crypto coin.
Potential of LBRY Credits (LBC)-
On the international cryptocurrency platform, the LBRY cryptocurrency holds the 312th spot, as recorded in July, last year. The current market cap of the crypto-coin LBC is around 18.5 Million U.S. Dollars. The total market supply f the crypto-coin is 542,141,200 LBC, out of which 167,241,196 LBC are currently in circulation.
The first time LBC started to trade in the crypto market was on 7th July 2016. It started with the price of 0.646214 U.S. Dollar. There was seen a good increase in the price of the crypto-coin LBC soon after it was launched. Within seven days the price reached 2.50 U.S Dollars price mark, which proved to be a handsome return on the investment by 380 percent.
If we look at the overall prices, on an average the rates of the cryptocurrency have been almost constant around 0.2 U.S. Dollar. In July 2016, the rate was 1.03 U.S. Dollar then in June the next year, it touched 0.20 U.S. Dollar mark, which was followed by 0.50 U.S. Dollar mark in March last year. And finally, it sat on 0.10 U.S. Dollar mark in July in 2018.
What makes LBC Coin unique?
The fact that LBC coin acts as a monetization tool on LBRY network sets it apart from the rest of the cryptocurrencies. LBC coin allows the user to upload the digital content on the LBRY network. It also enables the users to monetize the content after publishing it by setting a fee on the uploaded content. This helps the protection of the content; for instance, when a third party wants to use the published content, one needs to buy the content of the users before getting permission to use it. The third party can buy the content by spending the LBC coins.
Like many other crypto coin platforms that allow the users to mine their respective crypto coins, LBC too allows the user to mine their crypto coin. Along with this feature, adding to the uniqueness of this company, the company offers LBRY rewards. In other words, the LBRY rewards are another way through which you can get your hands on the LBC coins.
There are various types of reward systems. Some of them are one time rewards, and some of them fall under the recurring category. These rewards also vary in the amount of LBC coins that are given. ‘Coin- switch’ explains the list of rewards as following-
“Your First Nickel, Go for a Stream, Channel Surfing, Many Views, First Publish, Weekly LBRY Cast, Welcome Back and Referral.”
The verdict- whether one should invest in LBRY Credits LBC-
Well, the liberating concept behind the LBRY’s vision of putting the power back into the hands of the users through the decentralized blockchain platform- faces stiff competition from the already established giants such as YouTube, Netflix among many others. These platforms are in the business for more than a decade which obviously creates a tall wall for LBRY to jump and cross. Therefore it is a matter of time when and how LBRY manages to rise to the challenge.
Secondly, the fact that the cryptocurrency LBC of the company hasn’t seen big leaps of gains since it was launched apart from the steep rise in 2016. Since then there has not been much improvement in the prices. This factor also should be considered while planning to invest in the cryptocurrency.
LBRY Credits LBC at a glimpse-
- LBRY is a blockchain technology-based digital content hub. It offers a solution to the content marketplace and the related problems such as problems such as copyright, censorship, privacy rights, and issues, ways for monetization and so on.
- Along with being a blockchain based decentralized platform, it is also a marketplace too. All kind of digital content such as E-Books, songs, videos and so on, get support from LBRY.
- It consists of- LBRY Technology, Protocol Layer and Service Layer.
- If you wish to buy the LBRY Credits LBRY, then you can’t purchase it with fiat currency. Instead, you can only get it through a crypto exchange. Another way is to use LBC mining as well as the rewards that the company offers in the form of BBC Coins. The crypto coin is available across various crypto exchanges such as Bittrex, ShapeShift, Changelly, Upbit, Poloniex, and Cryptopia.