LBRY, media distribution done right.

BinaryMan
BinaryMan

This is a thread used to explain what LBRY and LBC is and what it does as well as discuss it's potential as a biz and crypto.

What is LBRY?

LBRY is the first digital marketplace to be controlled by the market’s participants rather than a corporation or other 3rd-party.
It is the most open, fair, and efficient marketplace for digital goods ever created, with an incentive design encouraging it to become the most complete.

To understand LBRY, think of LBRY in terms of two layers: protocol and service.

- Where and how content itself is stored, how payments are carried out and how content is discovered

The service layer utilizes the protocol to do something that a human being would actually find useful.

- The Apps, how the user interacts with all the data the protocol has. They're also thinking of making hardware

LBRY settles it's payments through it's cryptocurrency: LBC.

PurpleCharger
PurpleCharger

Protocol

The protocol provides a fundamental, underlying technological capability.
It consists of the LBRY Blockchain and The LBRYNet

Blockchain

LBRY uses it's own blockchain to take advantage of custom uses for what information the blockchain stores whiles also giving content stored some accountability and credibility.

The LBRY blockchain maintain balances -- in LBC (LBRY Credits)
But, more importantly, the LBRY blockchain also provides a decentralized lookup and metadata storage system.
he LBRY blockchain supports a specific set of commands that allows anyone to bid (in LBC) to control a LBRY name, which is a lot like a domain name.

eg. lbry://wonderfullife

GoogleCat
GoogleCat

All LBRY content is stored on the protocol: lbry://

The name being bid for is wonderfullife

Whoever controls a name gets to describe what it contains, what it costs to access, who to pay, and where to find it. These names are sold in a continuous running auction.

Bids are entered into a trustless escrow, marking the credits as unspendable, but leaving them intact.
When a user looks up a name, the name resolves to the largest bid made by a party or parties. The ability for any number of people to have a say in where a name resolves is part of what makes LBRY a system controlled by its users.
As the credits are distributed primarily among users and producers, it is community itself that has ultimate control over the catalogue of what is available.

It’s possible this system sounds like chaos to you, but we’re betting on a Nobel-prize winning result that predicts the opposite.

Economist Ronald Coase theorized that in a system with low transaction cost and clear rules, property will be held by those who value it the most.
Since LBRY names are the equivalent to content storefronts, we believe that LBRY names will hold the most value to rightsholders who produce content associated with a given name.

As names in demand on LBRY will be more expensive, the names themselves will also serve as a signal of reputation, legitimacy, and quality.

If a user searches LBRY for Spider Man and sees one at lbry://spiderman and one at lbry://spiderman_russhaxor, there will be little doubt that the latter is less legitimate.

And then the less legitimate name and content will be put on blacklist

More on this later on.

We’ve also buffed the hashing algorithm, smoothed the block reward function, increased the block size, increased the total number of credits, and prepared for offchain settlement

this is them explaining the blockchain, compared to the BTC's.

Fuzzy_Logic
Fuzzy_Logic

LBRY Net

LBRYNet is the layer that makes the LBRY blockchain useful beyond a simple payment system.

It says what to do with the information available in the LBRY blockchain,
how to issue payments,
how to look up a content identifier, and so on.

LBRYNet issues a lookup for the name associated with the content.

- If the client does not have a local copy of the blockchain,
- this lookup is broadcast to miners or to a service provider.
- This lookup acquires the metadata associated with the name.

LBRYNet issues any required payments, as instructed by metadata entries.

- If the content is set to free, nothing happens
- If the content is set to have a price in LBC, the client must issue a payment in LBC to the specified address.
-If the content is published encrypted, LBRYNet will not allow access until this payment has been issued.
-If the content is set to have another payment method, the seller must run or use a service that provides a private server enforcing payment and provisioning accessing keys.

LBRYNet uses the metadata to download the content itself.

- The metadata allows chunks to be discovered and assembled in a BitTorrent-like fashion.
- However, unlike BitTorrent, chunks do not individually identify themselves as part of a greater whole.
- Chunks are just arbitrary pieces of data.

- If LBRYNet cannot find nodes offering chunks for free, it will offer payments for chunks to other hosts with those chunks.
- This payment is not done via proof-of-bandwidth, or third-party escrow.
- Instead, LBRYNet uses reputation, trust, and small initial payments to ensure reliable hosts.
- If content is not published directly to LBRY, the metadata can instruct other access methods, such as a Netflix URL.
- This allows us to catalogue content not yet available on LBRY as well as offer legacy and extensibility purposes.

Ignoramus
Ignoramus

The Service

Services are what actually make the LBRY protocol useful. While the LBRY protocol determines what is possible, it is the services that actually do things.

I've already explained what the LBRY does for and with content on it's protocol. How the content is stored, the payment system and how it can be acquired has been touched on.

The following is an explanation on what the user can do and develop.

...a LBRY client can allow users to passively participate in the network,

allowing them to automatically earn rewards in exchange for contributing bandwidth, disk space, or processing power to the overall network.

Obviously it need these resources to run with little to no costs to the devs and you.
And in case you don't know this system is in kin to Maid and Sia.

Applications beyond a traditional computer based browser are possible as well.
A LBRY television dongle, a LBRY radio, and any number of existing content access mechanisms can be implemented via an analogous LBRY device.

...the LBRY protocol content comes from anywhere and everywhere, and is therefore not so easily stifled.

Stifled in terms of bureaucracy

the market mechanisms of LBRY create a strong incentive for efficient distribution, which will save the costs of producers and ISPs alike.
These properties, along with LBRY’s infringement disincentivizing properties, make LBRY an appealing technology for large existing data or content distributors.

I will explain it's content rights terms more later.

... rather than issue a transaction to the core blockchain, transactions are issued to a 3rd-party provider.
These providers have a substantial number of coins which are used to maintain balances internally and settle a smaller number of transactions to the core chain.
In exchange, these providers earn a small fee, less than the fee required to issue the transaction directly to the blockchain.

Nojokur
Nojokur

LBC aspect

LBRY Credits, or LBC, are the unit of account for LBRY.

Eventually 1,000,000,000 LBC will exist, according to a defined schedule over 20 years.
The schedule decays exponentially, with around 100,000,000 in the first year.

some credits are awarded on a fixed basis. The total break down looks like this:

- 10% for organizations, charities, 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 adoption programs.
We’ll be giving out lots of bonus credits, especially in the early days of LBRY, in order to encourage participation.
We will also look to award credits broadly, ensuring the marketplace is egalitarian.

- 10% for us [LBRY team]. For operational costs as well as profit.

- 60% earned by LBRY users, via mining the LBRY cryptocurrency.

Dreamworx
Dreamworx

Discretions

...we acknowledge that LBRY can be used for bad ends.

The downside to LBRY is that it can be used to exchange illegal content.
However, several factors of LBRY make illicit usage less likely than it may seem at first consideration.

LBRY is an improvement over BitTorrent in combatting unsavory content in at least five ways:

More records.

LBRY contains a public ledger of transactions recording name purchases and content publishings.
As many purchases make it onto the ledger as well,
this means infringing actions are frequently recorded forever, or are at a minimum widely observable.

Unilateral Renewal

The LBRY naming system allows for quick, unilateral acquisition of infringing URIs.
Once a BitTorrent magnet hash is in the wild, there is no mechanism to update or alter its resolution whatsoever.
If a LBRY name is pointing to infringing content, it can be seized according to clear rules.

Blacklists

LBRY will publish and maintain a blacklist of infringing names.
All clients we release and all legal clients will have to follow our blacklist, or one like it, or face substantial penalties.

Penalties

Penalties for profiting off of infringement are far stronger and involve can involve jail time,
while infringement without profit only results in statutory damages.
This serves as a far stronger deterrent for all infringing uses than BitTorrent provides.

Expensive/Impossible
Offchain settlement will be a requirement for efficient purchases at any significant network size.
Settlement providers, ourselves included, will be able to block purchases for infringing content.
At significant traffic volume, if infringing content can’t be outright removed or blocked, transaction fees will make it prohibitively expensive.

LBRY users are still subject to the DMCA and other laws governing intellectual property.

Fried_Sushi
Fried_Sushi

Users who publishing infringing content are still subject to penalties for doing so in exactly the same way they would be via BitTorrent.
LBRY only adds to the suite of options available.
This makes LBRY a strict improvement over BitTorrent with regards to illegal usages, which provides none of the mechanisms listed.

TurtleCat
TurtleCat

Bump

DeathDog
DeathDog

Great, it's more shit we don't need.

MPmaster
MPmaster

@DeathDog
How so?

This is a great alternative for media publishers to share/sell their shit compared to YouTube and bittorent.

It's also safer to share than bittorent because of it's customised blockchain.

likme
likme

Bump

Skullbone
Skullbone

@DeathDog
Bro I can't tell you how many times a day I find myself saying "If the world just had a decentralized application for smart contracts that stored data and allowed for transactions between two paties in a decentralized smart contract encrypted decentralized blockchain smart smart application blockchain, we wouldn't have all these problems."

not sure what planet you're living on tbqph famb

Firespawn
Firespawn

@Skullbone
You don't need bittorent? YouTube? Netflix?

TalkBomber
TalkBomber

@Firespawn
Sure I need those things now. Like really fucking need them.

But if we had a smartchain block-app that was scalable and fully integrated with smart decentralized blockchain smart contracts, I wouldn't need youtube or anything else anymore.

As long as said tech came with 14 different coins, each performing a different function.

SniperWish
SniperWish

@TalkBomber
Or just get into lisk.

LuckyDusty
LuckyDusty

@TalkBomber
Sia, Storj and maid do one thing.

Lisk and Rise do another.

LBRY stores, distributes and sells content, in a potentially legal manner that directly competes against Netflix and Amazon Video.

If you don't just bye one stock and done on Robinhood/etf trading then why would you on cryptos?

StonedTime
StonedTime

@SniperWish
Oh I'm already heavy into lisk. I just worry that it's not decentralized enough for peer to peer smartchaining with enhanced dapp contract forks, especially when the smartblock syncs with the smart-nodes for the contract decentralization of the smart decentralized blockchain.

DeathDog
DeathDog

@LuckyDusty
You're missing the point. It's not a commentary on the potential for this tech to add value and utility to our world, it's a commentary on the nature of people who talk about blockchain tech and cryptocurrencies frequently.

FastChef
FastChef

@DeathDog
Yeah I got the joke.

Thought you had something more to talk about.

Spamalot
Spamalot

It's sounds interesting. A cross between patreon and youtube.

My problem with it is that it's all premined and the devs are holding onto most of the coins. There's about 15k coins floating around out of 400 million.
The devs can crash the market at any moment.

@LuckyDusty
Maid isn't the same as sia and storj.

I don't see lbry as a competitor because although it offers storage, it doesn't compete in the same market place. lbry seems to be asking for a consumer base and nothing more.

Evil_kitten
Evil_kitten

@Spamalot
You're right

I'm not trying to tell people to throw the bank at it, just that it's looks promising to consumers and for acquisition by some big player.

TechHater
TechHater

what a wall of text OP posted! i think you need a one sentence description, because those posts and the lack of Simple English will put off the public.

also, the PREMINE will kill it.

New_Cliche
New_Cliche

My friend works at the fanciest jewelry and watch store in the country, yet they are so fucking greedy they just pay him 500 Euros a month. It's funny because everyone assumes he is well off.

BlogWobbles
BlogWobbles

@TechHater

One sentence?

What Netflix and Bittorent wants to be through a decentralized protocol.

Premine.

Yeahh, obviously a pnd for now, but I'm a fan of the concept.

Already mad big bank of this, still think I can get more than 104% returns.

King_Martha
King_Martha

A "decentralized" network where the devs are able to blacklist content at will and those who don't follow their blacklkst are penalised , LMAO get a load of these faggots.

And we thought Vitalik proposing a blockchain fork to blacklist an address was against cryptocurrency philosophy.

Good try with that premined MPAA friendly shit, I maybe will just buy a lil bit of it just to play in the speculation game and get some nice profits.

But you are trying to sell a normie friendly shit (for cucks who hate freedom) to the cryptoanarchists and outcasts here in Veeky Forums, good luck with that.

lostmypassword
lostmypassword

@King_Martha
Blah

Blah

Point of my post

Autist statement.

I would never push some shit here without providing info, I'm not a DGB shill.

I never recommended anyone to hold this for the short nor long.

Methshot
Methshot

not on polo no buy

Sharpcharm
Sharpcharm

LBRY?
SHHH!
(c) copyright

RavySnake
RavySnake

@TechHater
this.
OP, you need to work on your advertising/sales.
Remember, you're trying to market to normies.

New_Cliche
New_Cliche

@King_Martha
A "decentralized" network where the devs are able to blacklist content at will and those who don't follow their blacklkst are penalised
That's actually a good point.

Can I post a video of me fucking my daughter on the system and ask for people to pay me for it?

Lunatick
Lunatick

@TalkBomber
I get the joke.

Poker_Star
Poker_Star

@RavySnake
I'd say I'm doing a pretty good job

Stupidasole
Stupidasole

wew

lostmypassword
lostmypassword

LBRY added to Poloniex

Poker_Star
Poker_Star

@lostmypassword
forgot pic

Gigastrength
Gigastrength

will it pump again? is it too late to hop on this train?

Lunatick
Lunatick

@Gigastrength
Maybe when it's out of beta.

It's mostly standardized now.

Now is time to get invites

lbry . io / get / ?r =fvV4b

haveahappyday
haveahappyday

@Lunatick
lbry . io / get / ?r =fvV4b

Are you one of the devs or an active community member?

Pls shoot me an email @ [email protected]

massdebater
massdebater

@haveahappyday
Active community member

What would you like to discuss?

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