We have melted together; the goodness of Bitcoin and BitTorrent and created LBRY. A sharing platform that uses blockchain technology to enable users to publish material and get PAID for doing so.
The founder Jeremy Kauffman and Mike Vine wanted a way to decentralize the way things are published. Other than YouTube, mainly, there is no other way people could get money for creating work. They wanted to create a system that rewarded people for their work and effort.
The existing systems have monopolized the state of the market and are making it harder for the artist to grow in this stagnant arena. While in the existing system people have no control over the content they create, LBRY wants to bring the power to you!
The super cute co-founder *wink wink*, Mike Vine, described his innovation this way:
LBRY is a content sharing platform. If you have a film, a song, or an eBook, you can publish it and share it very cheaply on LBRY. If you’re looking for content, it’s so easy to find, your Grandma can do it.
According to the owners, LBRY is a synthesis of many factors and the most important one being, obviously, Bitcoin and the power of blockchain. The second inspiration was BitTorrent which is a brilliant protocol except that it has nothing for the content creators/sharers.
The duo was further inspired by the fact that for media companies, governments and ISPs, the line between supplicants and criminals is really hazy. One single thing and you are on either side of the line. The inspiration doesn’t stop here because they were also impressed by Uber and AirBnB as it empowers small-scale entrepreneurs and increases the efficiency with existing material.
Looks like they know their shit really well.
All these inspiration boiled together is what gave birth to LBRY.
How does it work?
Well, LBRY is a place where you could share your content. It has its own payment system with its own cryptocurrency called LBRY Credits. When you publish something, you can set a price for it. Then people who want to stream or download your content will have to pay using the LBRY Credits. Most of the payment goes to you but a small portion of it, very little that it is almost insignificant, goes to the host who stores the file. No one else gets the cut.
The ultimate goal for this blockchain startup is to make creating, sharing and accessing knowledge a piece of cake. Easier than it has ever been and easier than it ever will be.
So, are you a budding artist or someone who has anything to offer to the world? Be sure to check out LBRY and see what you can offer to this content sharing blockchain protocol.
Who knows what you little talent could worth in the market!
