What is LBRY Credits (LBC)?
Future of LBC Cryptocurrency and know how to buy LBC

#1 - What is LBRY Credits (LBC)?

In recent years, digital content distribution platforms like YouTube, Netflix, iTunes, have grown to be the entertainment giants and substantially replacing the traditional entertainment mediums. The growth of these platforms has also led to the rise of issues like, copyright, censorship, privacy and monetization methods, which affect both the content creators and the content consumers. LBRY, a digital content hub, presents itself as a blockchain-based solution to these problems. LBRY wishes to create a digital marketplace for content, which can be controlled by its users instead of large corporations or other entities.

LBRY Credits (LBC): The Basics

  1. LBRY (pronounced “Library”) is a decentralized digital content distribution protocol and a marketplace for the same. It supports a variety of content which includes but not limited to videos, songs, ebooks, etc.
  2. LBRY uses blockchain at its core, which enables content to only be controlled by its author/ publisher, not by any third party, effectively eliminating issues like censorship and copyright strikes.
  3. Since the code of the LBRY project is open-source, developers can create their own decentralized apps (dApps). Content creators can use these apps to upload their content on the LBRY network and monetize it by setting a fee.
  4. LBRY credits or simply LBC is the cryptocurrency created by the LBRY network to fuel its entire digital content market. The LBC coin is required by consumers to access the monetized content on LBRY network. The LBRY platform also allows LBC mining by giving block rewards.

Development of LBRY

  1. Jeremy Kauffman co-founded LBRY Inc. with the vision of a decentralized global content hub, controlled and owned by no one. Currently, Jeremy is the chief executive officer of LBRY Inc. Before working on the LBRY project, Jeremy founded TopScore, a million dollars event and activity registrations startup.
  2. There are three other co-founders who serves on different positions in LRBY Inc: Alex Grintsvayg (Chief Technical Officer), Josh Finer (Director of Operations and Analytics), and Jack Robison (Protocol Developer).

 

#2 - What are the Benefits of LBRY Credits (LBC)?

LBRY Technology

Just as HTTP protocol allows people to browse internet: LBRY protocol allows its user to navigate through the LBRY network. When publishing some content, The content creator reserves a unique name, directing to its content. LBRY associates that name with the content it is meant to represent. The LBRY network can be divided into two layers:

Protocol Layer

  1. The first core component of the LBRY protocol layer is LBRY blockchain. Similar to other cryptocurrencies, LBRY uses blockchain for its core functions. Two important functions of LBRY blockchain are metadata storage system and a decentralized lookup.
  2. LBRYNet is the second core component of the protocol layer. It is basically a software, which facilitates the interaction between LBRY network and a user's computer. The primary function of LBRYNet is to decide the use of information, stored in LBRY blockchain.

Service Layer

  1. The purpose of the service layer is simple — execute the functions decided by the protocol layer. The service layer is more flexible, compared to the fixed protocol layer. This layer implements the applications of different use cases developed by the protocol layer.

 

#3 - How to Buy and Store LBRY Credits (LBRY)?

How to Buy LBRY Credits (LBC)?

If choosing to buy LBC coins, There’s one thing to remember that it is not available to buy against fiat currency. LBC can only be obtained through exchange. Users can also take advantage of LBC mining and various rewards given in LBC coin by LBRY network to its users.

  1. LBC coin can be bought global cryptocurrency exchanges like Bittrex, ShapeShift, Changelly, Upbit, Poloniex and Cryptopia. Most cryptocurrency exchanges have paired LBC with BTC.
  2. Instead of comparing rates on different exchanges, users can visit CoinSwitch, largest cryptocurrency trading platform. CoinSwitch allows users to compare rates and exchanges up to 300+ cryptocurrencies across all exchanges. Users can compare LBC rates and make an informed decision, at a single place.

LBRY Desktop client, Image source: LBRY

How to Store LBC?

  1. LBRY provides its own official app, which can be used to store LBC. The LBRY app is available for multiple operating systems such as Windows, MacOS, and Linux. Android and iOS versions are still in development.
  2. Other than its official LBRY wallet, users can opt for the Coinomi mobile wallet, which is recommended by LBRY.

 

#4 - What is the Future of LBRY Credits (LBC)?

Also Read: Complete Analysis of LBRY Credits | Live LBRY Credits (LBC) Price Charts And Predictions

  1. As of July 2018, LBRY cryptocurrency stands on 312th place in global cryptocurrency market. Currently, LBC has a market cap of about $18.5 million. There are 167,241,196 LBC in circulation out of the total supply of 542,141,200 LBC.
  2. Jul 07, 2016, LBC started trading in cryptocurrency market at the starting price of $0.646214, Only after seven days of its launch, LBC price touched $2.50 price mark, resulting in nearly 380% return on investment.
  3. For most of its trading time, LBC prices have remained somewhere near $0.2 with time-to-time fluctuations for short durations. As of July 2018, its price seems to be settled around $0.11.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.099367

0.104879

0.097067

0.101409

124,054

16,618,200

Mar 01, 2018

0.378873

0.503718

0.376886

0.473086

0.473086

57,310,100

Nov 01, 2017

0.144393

0.153715

0.137026

0.138489

451,610

15,073,900

Jun 01, 2017

0.202142

0.214970

0.197088

0.207184

548,470

13,851,700

Dec 01, 2016

0.016325

0.016989

0.013870

0.014280

19,455

480,987

Jul 07, 2016

0.646214

1.03

0.431325

0.441988

15,931

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#5 - How is LBC different from other cryptocurrencies?

  1. In simple terms, the LBC coin is a monetization tool on LBRY network. It is a requirement for accessing uploaded content on the LBRY network. If a content creator publishes some content he/ she can choose to monetize it by setting a fee on that content. And if a content consumer wants to consume that content he/ she has to first purchase that content by spending LBC coin.
  2. Like Bitcoin and many other cryptocurrencies, the LBRY platform supports LBC mining, but there’s another thing at play here, called LBRY Rewards. These rewards are fundamentally another way to acquire the LBC coin.
  3. There are predefined rewards a user can obtain, some of these rewards can be one-time only or some can be recurring. Also, the amount of LBC given as a reward may vary with each reward. This is the list of rewards: Your First Nickel, Go for a Stream, Channel Surfing, Many Views, First Publish, Weekly LBRYCast, Welcome Back and Referral.

 

#6 - Should you Invest in LBRY Credits (LBC)?

  1. Although the concept behind the LBRY network has a lot of potential for growth, it faces competition directly against the entertainment giants such as YouTube and Netflix, and some of these platforms have been around for more than a decade.
  2. Another thing to consider before investing in LBRY is its performance in the cryptocurrency market. LBRY hasn’t performed so well since its inception. As of July 2018, its price shows a decline compared to its launch price.
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