HitBTC is advanced cryptocurrency exchange to buy and sell Bitcoin, Ethereum, Litecoin, etc.
LBRY logo
LBRY logo

LBRY Review 2021 - Is It Safe And Legit? | Cryptogeek

Contact
Country: International
Launched: 2015
Site: lbry.com
Expert Review
Sep 30, 2020
  1. LBRY Overview
  2. Features
    2.1 Advantages
    2.2 Disadvantages
  3. LBRY Fees
  4. Coin Distribution
  5. How to Get Started with LBRY
  6. How to Use LBRY
  7. Mining
  8. Customer Service
  9. Is LBRY Safe?
  10. Conclusion

LBRY Overview - What Is LBRY?

LBRY is a content distribution platform where users themselves determine the fees and conditions under which they are willing to share their content using blockchain technology and the Bittorrent protocol. It is a blockchain-based decentralized content-sharing platform targeted at content creators (filmmakers, musicians, writers, or software developers) who want complete control over their work.

The project lacks ads, corporate censors, and the platform does not take a percentage of the content creator's income.

logo
Trade With Up To 125X Leverage on Binance

The decentralized LBRY platform is positioned as an alternative to large media stores. The monetary currency on the LBRY platform is LBRY Credit or LBC tokens.

June 2016 was marked by the appearance of a new digital coin LBRY Credits (LBC), which is a financial instrument within the platform of the same name. The project itself is an independent (decentralized) application where users can exhibit, actively exchange, sell their own final product of creativity. 

First of all, LBRY is an Internet protocol, just like HTTP. LBRY content is exposed to users through "LBRY names" which look like this: lbry: // human. Much like the URL you enter into your internet browser. The platform is completely controlled by its users. We can say that LBRY is a decentralized "Crypto YouTube", "Crypto iTunes" and BitTorrent in one place.

LBC cryptocurrency is used for mutual settlements within the network, it is earned through mining, which speaks of the proof of work (PoW) algorithm + those who provided their computing power (PoS) earn. To be issued 1,000,000,000 LBC over 20 years

With LBRY, users can create and share their content such as music, movies, photos, author's video blogs, streams, etc. In the process of uploading content to the platform, the user can choose and charge for access to it or not. Unlike YouTube, for example, the author himself sets any price for access to his content or distributes it for free and without ads. The rest of the platform users can support content authors by sending them some LBRYs. 

You can also get these coins as a result of mining or by buying them on the cryptocurrency exchanges Poloniex, Bittrex, etc. Today LBRY wallets are available on Windows, MacOS and Ubuntu platforms. LBRY uses a PoW coin generation system, and the maximum number of coins is limited to one billion.

Today LBRY wallets are available on Windows, MacOS and Ubuntu platforms. LBRY uses a PoW coin generation system, and the maximum number of coins is limited to one billion.

Features

The technical parameters of the LBRY cryptocurrency are as follows:

  • Total daily volume is $ 1,000,000;
  • The issue is limited to 1 billion coins (coins);
  • Hash algorithm - LBRY;
  • PoW protection method;
  • There are electronic wallets for storage, financial transactions with LBC for Windows, Ubuntu, MacOS operating systems;
  • Coins can be exchanged within Poloniex, Bittrex and other virtual trading platforms.

The relatively small capitalization of the decentralized system, despite its almost two-year existence, does not affect the indicator of prospects, the project developers assure, backing up their conviction with facts that influence the creation of a positive assessment among the population (potential users):

  • A large, steadily increasing number of participants in the art exchange;
  • Positive from the media.

The deflationary architecture is a limited number of coins, which implies an increase in the value of the coin if the popularity of virtual money increases.

Advantages

The authors of the digital architecture set a goal to create worthy competition, and as a result, to overtake the centralized sites "Netflix", which sells cinematic content (series, films, etc.), YouTube, iTunes and other media stores to everyone. The perspectiveness of the business plan declared by the developers is supported by the following advantages of Libra:

  • Within the network, no commission is charged directly from the authors of unique content;
  • The cost of the posted audio or video material is regulated by the creators of the copyright content. The owner of the work, in general, can offer his content free of charge;
  • The range is already much wider today than in the same “Netflix” since the platform is publicly available. Access is open here for independent media - the licensing problem has been resolved;
  • No ads. There is no need to subscribe;
  • Payment is made with fiat (traditional) money and intra-system LBRY cryptocurrency;
  • There is absolutely no control by government agencies. As a result, there is no censorship - the state "instrument of violence", hated by the creators and at the same time frightening all creators.

With such obvious advantages, Libra is truly able to remove the “monsters” of the media market from the leading positions in the industry.

Disadvantages

  • The client that is used to download is new technology not yet proven in the market. At the time of widespread use, only the market will determine whether users accept this platform as standard.
  • The new platform is doomed to oppose giants like YouTube. Attracting a mass user with broad interests is difficult and time-consuming. And the success of the authors and their income depends on the number of clients.

LBRY Fees

LBRY does 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.
Also, LBRY does not earn profits from auctioning of names, nor does project benefit from bidding wars over names. LBRY's goal with the naming system is simply to allocate names most efficiently to benefit users.

Coin Distribution

  • 10% for organizations, advisors and other strategic partners. Organizations like the EFF, ACLU and others that have fought for digital rights and the security and freedom of the Internet.
  • 20% for loyalty programs. Many bonus credits, especially in the early days of LBRY, to encourage participation in the project.
  • 10% of the company. Operating costs as well as profits.
  • 60% are LBRY users who use cryptocurrency to pay for services.

How to Get Started with LBRY

In order to get started with LBRY, you need to go through the registration process. To do this, on the main page, you need to click on "Sign Up" in the upper right corner.

In the form appeared you need to indicate your email address and password. Also, you can sync your account with YouTube channel. Once all the information provided press "Sign Up". Please note that by creating an account, you agree to LBRY's terms and confirm you are over the age of 13.

To confirm your email address you will need to go to your inbox and find the LBRY's message with the verification link. If did not receive press "Resend Link".

In the message you will need to click on "Verify email" to finish the verification. If there is any trouble with the redirecting link, you can use the URL below.

That's it! Now you are successfully logged in and you can start using LBRY platform.

How to Use LBRY 

Before using the LBRY project as a service, it is worth considering several key features of the project:

  • The person who publishes the content can charge the users who view it.
  • Decentralization and distribution. Content posted to LBRY is not stored on the same computer or network, making LBRY more crash-proof.
  • Liberty. No party other than the publisher (including us) can unilaterally remove or block content on the LBRY network. Each service requires trusting it and can unilaterally change the rules. YouTube or Amazon can block videos, Apple does not publish content, because, for example, the prime minister of a country is offended by a comedy.

From a user perspective, the interaction is very similar to what happens on hundreds of different sites similar to YouTube, Amazon, and Netflix. The main difference is that this happens through a network that is completely decentralized.

Also, don't think that it will become a breeding ground for pirated content and extremist videos. The project follows generally accepted moral standards and fights illegal content using internal mechanisms.

On the other hand, the client that is used to download is a new technology not yet proven in the market. At the time of widespread use, only the market will determine whether users accept this platform as standard.
Also, the new platform is doomed to oppose giants like YouTube. Attracting a mass user with broad interests is difficult and time-consuming. And the success of the authors and their income depends on the number of clients.

Mining

Likewise, mining LBRY with the help of a processor is a futile occupation, so mining cryptocurrency alone (solo mining), relying solely on its own computing power, is ineffective. Therefore, it is advisable to become a member of the pool - a community of miners, within which the block is generated by all the resources of the participants.

The remuneration is usually divided according to the production capacity provided. Pool selection is a responsible business. It is necessary to pay attention to the longevity of the project, commission, user reviews. The LBRY official website itself recommends the following communities for coin mining:

  • Pool.MN;
  • SuprNova;
  • CoinMine;
  • MaxMiners;
  • YIIMP;
  • CoinQuarry.

You should be prepared for the fees that pool owners charge users. Typically, the commission is around 1%. But there is no need to download the entire blockchain.

Customer Service

The LBRY platform has a very detailed and well-developed FAQ, which includes links to getting started, various tutorials, trouble shooting, and so on.
In case you want to send an application and communicate directly with LBRY, then you can ask your question on Discord, Twitter, Reddit, Facebook and Telegram. Also, the support service accepts requests by mail at [email protected]

Is LBRY Safe?

LBRY takes privacy seriously and carefully considers the data it collects. LBRY collects data for a variety of reasons, including but not limited to:

  • debugging and improving the protocol;
  • understanding how the users interact with LBRY applications;
  • preventing fraud in our reward programs;
  • providing statistics to content creators.

LBRY promises to keep any collected data safe and to never share personal, private information with anyone outside of LBRY Inc. 

Users can also choose to use LBRY anonymously however some features, like LBRY Rewards, will not be available. All of these facts show us that LBRY is not a scam.

Conclusion

LBRY is a stable functioning decentralized digital architecture within which any media files can be hosted. The structure has its own electronic wallet. Intra-system cryptocurrency is traded on well-known exchanges.

Derived from “library” also reflects the mission: every movie, song, book and app ever made is available anywhere. The project is aimed at creating a massive new generation media storage, which is built on a decentralized network controlled by its users.

Write your review
Rating
Please choose your rating.
Your review

Leave your review about LBRY here. Please note that your feedback may be crucial for the user when choosing a product, so try to avoid inaccuracies and unreasonable criticism.

Your Name
Your Email

Your Email will not be published

User reviews
Martin Alekseevich 7 October 2020, 12:54 PM
5.0

Very cool platform for content

to-survey-image
Country: International
Launched: 2015
Site: lbry.com
LBRY logo
LBRY Review 2021 - Is It Safe And Legit? | Cryptogeek
footer-image