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About LBRY Credits
Key Points:
- Library Credit (LBRY) is a decentralized platform for digital content distribution.
- Founded by Jeremy Kaufman and Alex Grintsvayg in 2018.
- Uses a decentralized model to ensure fairness, freedom, and openness.
- 1 billion LBC tokens in circulation, decreasing annually.
- Token allocation: 10% for partners, 20% for awareness, 10% for the team, and 60% for the community.
- Secured by end-to-end encryption, blockchain, and DHT data structure.
- LBC tokens can be bought on exchanges like Upbit, CoinEx, Bittrex
About LBRY Credits: Unlocking the Power of Decentralized Content Sharing
Introducing Library Credit (LBRY): A Revolutionary Blockchain-Based Content Sharing Platform
Library Credit (LBRY) is a pioneering platform designed to revolutionize the dissemination and accessibility of digital content, bridging the gap between consumers and producers alike.
Library Credit operates on a decentralized framework, ensuring a fair, free, and open ecosystem that is accessible to all participating stakeholders.
More specifically, the platform operates as a decentralized network founded upon a protocol that seamlessly enables publishers to monetize their content by charging consumers a fee, all while maintaining autonomy and bypassing intermediaries.
Launched in late 2018, the project has since fostered a thriving community that remains actively engaged.
The Visionaries Behind Library Credit: Meet the Founders
Jeremy Kaufman conceived Library Credit as a decentralized content hosting platform, free from the shackles of centralized control.
Besides his role in LBRY, Kaufman is also the visionary behind Topscore, a cutting-edge registry system designed to streamline the management of events and activities. He boasts a degree in physics and computer science from the prestigious Rensselaer Polytechnic Institute.
Another LBRY co-founder is Alex Grintsvayg, who brings a wealth of experience in system architecture design and management from his previous tenure at SaaS companies. At LBRY, he spearheads technological development and oversees the strategic expansion of the firm’s infrastructure.
Similar to Kaufman, Grintsvayg pursued his academic endeavors at the Rensselaer Polytechnic Institute, ultimately earning dual degrees in computer science and psychology.
Noted protocol engineer Lex Berezhny oversees the backend development of pivotal components, including the platform’s wallets, protocol, and blockchain infrastructure.
Brannon King, a seasoned blockchain engineer, currently holds a senior position at Library Credit. Prior to joining LBRY, Brannon developed software utilizing programming languages such as C++ and C#.
Unveiling the Unparalleled Attributes of Library Credit
Library Credit harnesses the power of decentralized and distributed networks, spanning multiple host computers, to create a democratized content sharing crypto platform that fosters a level playing field for all participants.
It specifically aims to address some of the most pressing issues plaguing corporations that offer similar services, including censorship, egregious breaches of user privacy, and unfair revenue distribution models.
The revenue accrued from content consumers’ engagement is fully credited to publishers in their preferred payment method, be it in LBC (the native token) or via third-party processors, ensuring seamless and flexible transactions.
Independent host providers can leverage their computers’ processing capabilities to generate a passive income stream on the platform, thereby rendering LBRY a more accessible and attractive option for content creators.
The Circulating Supply of Library Credit (LBC) Coins: An Overview
For the inaugural two decades of the project, a total of one billion (1,000,000,000) LBC tokens are slated for circulation. However, this figure will undergo a gradual decline on an annual basis, with a notable reduction of approximately a hundred thousand (100,000,000) tokens in the first year.
A further reduction in the total supply will be effected through bonus credits set aside for giveaway events, strategically designed to generate initial public awareness.
Below, you will find a detailed breakdown of our token allocation strategy:
- 10% allocated to esteemed partner organizations, reputable charity firms, and strategic institutions, including the Electronic Frontier Foundation (EFF), American Civil Liberties Union (ACLU), and other distinguished advocates for digital rights, cybersecurity, and internet freedom.
- 20% dedicated to awareness programs, which will be freely distributed during the project’s early stages to foster widespread adoption among users.
- 10% reserved for the team, covering operational expenditures and human capital management costs.
- 60% earned by the community through diverse activities, including LBC mining, thereby empowering community-driven growth.
The Security Framework of Library Credit Network: A Robust Ecosystem
The network is fortified by an end-to-end encryption technology that synergistically integrates a blockchain paradigm with a DHT (distributed hash tables) data structure, thereby ensuring the secure encoding and retrieval of data in a decentralized, peer-to-peer exchange.
Furthermore, LBRY places a strong emphasis on safeguarding each publisher’s intellectual property rights through the implementation of a robust and reliable record management system.
To further deter illicit activities, supplementary measures are continually being implemented, including hash modification, infringement penalties as outlined in the DMCA, and processes that render infringements financially prohibitive.
In addition to safeguarding against intellectual property infringement, users are bound by laws such as the Digital Millennium Copyright Act (DMCA), which provides a robust framework for protecting creative works and innovations.
Acquiring Library Credit (LBC): A Comprehensive Guide
The LBC token serves as a vital cornerstone of the LBRY network, rendering it imperative that the platform maintains a sufficient level of liquidity to ensure seamless operation.
At the time of writing, LBC is actively traded against a diverse range of currency pairs on prominent exchanges, including:
- The esteemed Upbit exchange
- CoinEx, a prominent cryptocurrency trading platform
- Bittrex, a renowned digital asset exchange
- Hotbit, a notable cryptocurrency exchange
For further information on acquiring LBC and other cryptocurrencies, please refer to our supplementary guides
here
.
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