The LBRY Credits Coin – a library and content exchange service
LBRY Credits Coin is a cryptocurrency. Whether intentional or not, we tend to divide the world of cryptocurrencies into two unequal parts; one is Bitcoin and the other part is Altcoins or alternative coins.
This is particularly interesting because, while there are already hundreds of different Altcoins, we count Bitcoin as the most dominant. The alternative coins may try to compete with it but few have been successful in this regard so far.
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In recent years, however, there has been a tendency to divide them further into a qualitatively different niche and qualitatively different coins: the “Appcoins”. They do not have the job of competing with BTC – in fact, they serve very different purposes.
Primarily, they are used to provide far more effective application management functionality. LBRY Credits Coin (LBC), discussed in this article, is now in this stream and fully reflects the emerging trend.
A short history of LBRY
LBRY Credits Coin is a decentralized application for the public exchange of content. This platform is primarily aimed at artists (writers, filmmakers, etc.) and gives them the opportunity to take both creative and financial control over their work. In addition, the application has its own digital currency.
Work on the LBRY project lasted more than a year, and in the summer of 2016 (July 4, 2016), the beta version was released. This event, which developers had planned for the next anniversary of United States independence, is no coincidence.
According to their plan, the launch of the platform on Independence Day should become a kind of message for companies that centrally manage content, and urge them to seek the core value of humanity – freedom.
The team is more than optimistic and compares its development to a loud cry in the mountains, which can set off an avalanche. This sentiment is probably due to the fact that many, very different people initially showed interest in the project – even those who have a poor understanding of the crypto world.
The developer’s hopes for the LBRY project
The developers of LBRY aim to compete on a large scale that many would see as impossible. Netflix, for example, is a popular and well-known worldwide provider of cinematic content (movies and TV shows) that allows everyone with a subscription access to their library of content.
The developers of LBRY dared to compete with this juggernaut and are certain that they can come out on top, though many are left wondering where such confidence comes from.
The proposed decentralized platform implies direct communication between the creators of the product and its consumers. In other words, there will be no intermediaries between these two groups, and no one but the creators of works of art will be able to control access to them.
Other benefits of the service
- Users do not have to pay with fiat money – you use the native currency system (LBC) that uses mining (algorithm PoW).
- There is no need to spend time on promotional materials, as in YouTube, and you do not need and will never need a subscription.
- The selection of videos compared to Netflix will be much wider. The LBRY Credits Coin platform is open and provides access to independent media (no license issues).
- In no way will state agencies control and censor the content of the resource. Currently, it is no secret that there are many countries where the state simply blocks citizens from accessing certain Internet services. However, protection against state control does not mean complete freedom of movement and impunity for visitors.
- The system supports a specific protocol, which does not allow breaking the rules. All data is stored in the blockchain, so offenders can be identified by their IP and blocked. In addition, illegal activity, in accordance with the system of fines, is punishable by financial penalties.
LBRY Credits Coin – a library for future generations
Undoubtedly, this service can be called a virtual library without any stretch of the imagination. Rather than as a momentary collection, LBRY is more of a repository designed for many years of use. You do not have to look far for an example. Not so long ago, the application made it possible to prevent the disappearance of tens of thousands of valuable lectures and video material from the University of California (Berkeley).
LBRY Credits Coin (LBC) mining
Pool mining is always both easy and difficult, because over time, you can face all sorts of dangers. However, there are several recommended names on the LBRY project website from which you can choose.
One of these choices is Coinmine. Work on this pool requires registration and the creation of workers. Start by clicking on “Create a worker”. In the first of the windows, enter your own name and password, then click on “Add” (add new workers).
Now you need to update your account and add a wallet (you have to save the extracted coins somewhere). To do this, look on the left side panel where you will find the payment address and click on “Edit account”, from which you will go to the next window (Payment address), and insert your wallet number there.
In terms of a wallet, it is necessary to recognize that there are two variants of its creation. This can be a local wallet (the creation process is described in detail on the pool website, although the procedure is not very clear) or access to their function of coin storage directly at a stock exchange.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.
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