What Is Library Credit (LBRY)?
Library Credit (LBRY) is a platform that seeks to simplify the way digital content is distributed and accessed by both consumers and producers.
Library Credit uses a decentralized model to be fair, free, and open to all the involved parties.
More specifically, the platform functions as a distributed network built on top of a protocol that makes it easy for publishers to charge a fee to content consumers without censorship or the need for a middleman.
The project was launched towards the end of 2018 and is now serving an active community.
Who Are the Founders of Library Credit?
Jeremy Kaufman created Library Credit as a content hosting platform without any central authority.
Aside from LBRY, Kaufman is also the founder of Topscore, a registry system for managing events and activities. He holds a degree certificate in physics and computer science from the Rensselaer Polytechnic Institute.
Another LBRY co-founder is Alex Grintsvayg. Before Library Credit, Grintsvayg designed and managed system architecture for SaaS companies. At LBRY, he is responsible for technological development and overseeing the firm's infrastructure growth.
Like Kaufman, Grintsvayg attended the Rensselaer Polytechnic Institute, from which he graduated with degrees in computer science and psychology.
Protocol engineer Lex Berezhny is responsible for the backend of crucial components such as the platform's wallets, protocol and blockchain.
Brannon King is a senior blockchain engineer at Library Credit. Before joining LBRY, Brannon created software in such languages as C++ and C#.
What Makes Library Credit Unique?
Library Credit uses the concept of a decentralized and distributed network (across several host computers) to build a content sharing crypto platform that offers a level playing field for all participants.
It specifically seeks to solve some of the major problems (such as censorship, abuses of user privacy, unfair revenue sharing formula) that affect corporations that offer similar services.
The revenue generated from content consumers’ activity is fully credited to publishers in their preferred payment method — whether in LBC (the native token) or through third-party processors.
Independent host providers can offer their computers’ processing power to earn a passive income on the platform. This mechanism is expected to make LBRY affordable and appealing to content creators.
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How Many Library Credit (LBC) Coins Are There in Circulation?
For the first 20 years of the project, one billion (1,000,000,000) LBC tokens are set to be in circulation. However, that figure will decrease gradually on an annual basis, with about a hundred thousand (100,000,000) for the first year.
Additional reduction of the total supply will be incurred through bonus credits reserved for giveaway events, strategically meant to create initial public awareness.
See the full token allocation details below:
- 10% for partner organizations, charity firms and other strategic institutions. These include the EFF, ACLU and others with a strong reputation in advocating for digital rights, cybersecurity and the Internet's freedom.
- 20% for awareness programs. This allocation will be freely distributed at the early stage of the project to drive adoption among users.
- 10% for the team, to cover operational costs and team expenses (human capital management).
- 60% to be earned by the community via various activities, such as LBC mining.
How Is Library Credit Network Secured?
The network is secured via an 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.
Additionally, LBRY prioritizes each publisher's intellectual property rights by using a robust record management system.
Additional measures such as hash modification, infringement penalties (defined in the DMCA) and processes that make infringements prohibitively expensive are continuously implemented to prevent other illegal activities.
To further prohibit intellectual property infringement, users are subjected to laws such as the DMCA.
Where Can You Buy Library Credit (LBC)?
LBC tokens are a critical component of the LBRY network. As such, the platform cannot operate without sufficient liquidity.
At the time of writing, LBC is traded against different currency pairs on exchanges such as:
For more info on how to buy LBC and other cryptos, see additional explanations here.