LBRY Credits, a blockchain-based platform, was initiated in the year 2015. The project is a platform that offers a global decentralized library as well as a market for library works, whether these are books, videos, video games or any other type of digitized files. This is an attempt to decentralize the process and enable the project creators to collect the proceeds and use them for their work, without any intermediary interventions. It will enable the users to view and purchase the services using LBC the native cryptocoin of the platform. The aim of the project is to be a YouTube/ Netflix like a platform for the blockchain.
LBRY Credits aims at eliminating content censorship and free the content contributors from the control a centralized system that has been a problem. With the LBRV Credit, the content is distributed over a network of computers that cannot be censored, stopped or banned in any part of the globe. It, to an extent, follows the Ethereum addresses, offers Library credit names i.e. a unique account and content that are linked and will take the users to one creator. With the credit names, the project initiators hope to control the issues like duplicate content and fake account with a permanent ID that represents a content to the publisher.
Users are given a LBC as an incentive and gift. When a user refers and get new users to join the LBRY Credits, the initiators of the project have come up with an unique system of LBRY Rewards. The rewards are also given for promoting app testing, strengthening the LBRY budget by contributing or purchasing content. Consumers can do mining too. The LBC tokens can be stored on the exchanges like Bittrex, Poloniex etc. the users can also download and install the LBRY software which comes with a desktop wallet. Users must copy the wallet files manually in a secure location.
The LBC tokens can be earned in many ways. It does not reveal many details about how the contributors would get the incentives. LBC is an attempt made to change the dynamics. Instead of the creators deciding the amount to be charged for streaming and viewer paying as it happens in a centralized network, paying for commercials irrelevant to them. LBC is a platform for users who enjoy what they are reading and feel inspired, motivated to support and donate by way of paying a fee for the content. Users have total control.
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