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This episode of Blockchain Token – What is it? Today we cover LBRY!
LBRY is a decentralized multimedia solution that allows for sharing content and giving credit and payments to content creators. It is positioning itself to be a viable alternative to YouTube, all while using a blockchain.
LBRY has an open source protocol that is driven by its users. Meaning it is one of the first services to provide multimedia on the blockchain. Users can claim a URL, upload, and set a price for their content. There are no middle men or advertisers. This allows users to truly dictate the direction of the protocol.
Over the past few years we’ve seen a “decentralization” of the media. This was mainly accelerated by the Internet, and then the popular video hosting website YouTube.
It gave any creator a platform to post their work, eliminating any barriers to entry that previously held back creators. With more creators having this increased access, we’ve seen an explosion in the amount of content being produced.
Many creators put out a free product along with a premium additional service. LBRY accommodates for this by allowing content creators to offer both free and paid content.
It lets artists take complete control of selling their art, while providing an open, unrestricted platform.
LBRY records their data directly onto the blockchain, providing verification of true ownership. All artists do in order to post is to purchase LBRY Credits, the platform’s cryptocurrency.
LBRY’s competition is clear. They want to be the blockchain alternative to YouTube and Spotify. Spotify offers very little compensation for the artist, even if their creation goes viral. YouTube is a great platform for posting content, but there are a lot of issues with YouTube as well.
With LBRY you don’t have to worry about demonetization or having videos removed due to sensitive subject matter. They are aiming to provide more stability to content creators, making it a highly desirable platform.
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