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.