The library platform (lbry) What it is and how it works

Many have recently heard of decentralized file sharing platforms such as the library platform.

Today we are increasingly willing to look for platforms that can protect us from the theft of our personal information.

This is what happens with Facebook where some time ago it was the center of an investigation for selling personal information of its members.

That’s why with the introduction of cryptocurrencies and therefore with the birth of Bitcoin, this aspect has become fundamental.

It was from here that we started thinking about creating social networks or social blogging, which would use this concept.

And what happened with the Library platform (lbry) since it built a platform where these principles are at the top.

What is the library platform (lbry)

As I said earlier, library is a decentralized platform for sharing files that can be images, videos, music and etc.

It was born in 2017 without making an ICO, and only in the last period is it imposing itself as a solution to youtube blocks.

It is an open source and permissionless type project where there is no supervisory body inside that controls but it is the entire network that controls everything.

As happens a bit on Bitcoin where there are miners who keep the network to work as expected.

This project works on a blockchain and therefore uses a consensus system called the Library.

The library platform uses two blockchain storage systems, namely On-chain and Off-chain.

In this case, you have a quick view of the contents and therefore allows the user to speed up sharing and viewing of the same.

The miners in this platform maintain the archive where all the contents published by the user are inserted inside.

So a user who shares a file uploads it on-chain and off-chain, in this case the file can be shared both by the user’s archive and by the miners, that is the main archive.

With this procedure, library pays a commission to keep the user’s archive always active and therefore does not allow to overload the main network.

In addition, when you want to view a content, the platform makes you download the file and in this case it speeds up the sharing of the file itself.

Then each user downloads the file by creating their own off-chain archive inside their PC and is paid to do so.

The function of the lbc token (library)

The lbc (library) token function in the library platform

The platform uses the token library (lbc) as the main tool for interacting with it.

In fact, this token that can be purchased on the exchange for Bittrex cryptocurrencies and allows you to have control of many functions.

One of the main characteristics of this token is that it has power on the platform.

That is, to be able to share content that is video, image or music, you need to pay a commission to be able to do it.

Obviously this commission starts from a minimum that is a few thousandths of a dollar up to hundreds of dollars.

By paying this commission in this case you go to share the file on the network and also you would go to advertise it.

It happens as on youtube where the shared content is not paid but in order to be sponsored it needs paid advertising.

So the higher the commission, the longer the content is sponsored.

In this case we would go to advertise using the token itself.

In addition, when someone views the content it is going to generate an income in LBC for sharing a content.

Then the token is consumed to be able to share files and is then earned for sharing a file.

The platform runs the whole system around this token and therefore makes it important.

In fact, the maximum quantity is 1 billion but the current circulation is around 330 million, the remainder is produced by miners.

By doing this, we are going to reduce inflation and try to grow the platform steadily.

How to use the library platform

At this point are you wondering how can I use this platform to advertise and earn from content?

The answer is simple, use it like a normal Facebook or youtube.

Obviously the first thing to do and create an account that is free by doing it from here.

At this point library welcomes you with free token libraries which will then be used to reinvest them in your content.

In addition, library gives you the opportunity to earn more LBC tokens by simply making goals.

In this way you have the possibility to continue posting content simply with the tokens generated through the rewards.

Even if we go to watch content every 24 hours, the platform rewards us with LBC tokens.

The platform is supported on various devices including Android, iOS, Windows, Linux and on the web and is easily usable.

the library platform is the rewards menu

In the image above we can look at what the library platform looks like.

Where at the top there is a menu and the balance of the tokens that you have in your wallet.

Instead if you want to do other functions just go to the top and click on the sign of the little man.

the library platform and the main menu

Here in the appeared menu you can:

  • Share a file in Publishes;
  • Create or edit the channel in Channels;
  • See the statistics of your channel in Creator Analystics;
  • Look at the goal board in Rewards;
  • Finally invite someone and earn money

Instead if you want to change the settings just go to the gear image in the top right corner.

More on the platform

The platform is very easy to use and is very simple.

Sharing content is made very easy thanks to the very linear structure of the platform that allows you to upload the file in a few clicks.

In addition, this project allows you to upload videos from the youtube channel to it by just connecting the youtube channel to the library.

This function is very important because you could upload all the files that you created on youtube inside a blockchain.

That’s why a lot of creators who talk about cryptocurrencies are moving from youtube due to the restriction and are heading to more free platforms.

Here are the useful links of Library.

The official website of the platform can be reached here:

Instead his Whitepiper is available here:

download library:

Roadmap:

Support: hello@lbry.com

For this post it’s all I look forward to the next.

Leave a comment

Solve : *
17 − 13 =