LBRY credits (LBC) units are designed for use in the LBRY network. The main purpose of the LBRY network is the possibility of a decentralized exchange of different content. If the seller wishes, he can set a price for his content. LBRY network also has its streaming. Files of video and other information are stored on the blockchain and are not subject to censorship. A maximum of 1.083 billion LBC can exist.
How do public nodes of LBRY work?
The LBRY network relies on public nodes for its work. The smallest unit of information in the network is called blob, occupying about 2 megabytes. Many blobs are combined in a single stream, which can be, for example, a movie, a CAD file, or other information. LBRY nodes check if the data and metadata are correct for each blob and stream. Also, the LBRY public node stores the balance state in LBC, the payment unit used on the network. Both LBC coins and digital content are sent between LBRY nodes.
How does the LBRY mining work?
The LBRY network consists of peer-to-peer public crypto nodes that sign transactions with mining. To confirm transactions between LBRY nodes the Proof of Work algorithm is used, a combination of algorithms SHA512, SHA256, and RIPEMD. For mining, it is preferable to use CPU and GPU hardware. 400 million out of 1 billion (40%) coins pre-mined belongs to the project founders. Out of this 400 million, 300 million LBC coins are allocated to the project partners and 100 million LBC coins are allocated for charitable purposes. A total of 600 million LBC coins are available for distribution, confirming transactions between LBRY nodes. Mining takes place in three stages. The first and second phases of mining have already taken place. The first stage of mining took 9 days and included blocks from 1 to 5100. The second mining stage of LBC coins took about three months and included blocks with numbers from 5100 to 55000. Currently, the third stage of LBC coin mining is underway. The distribution of awards of the third mining stage starts with block number 55001. In total, the third stage will take 20 years. During this period, the award for LBRY nodes confirming transactions will fall logarithmically.
What is the LBRY name system?
The LBRY network uses its addressing system. Each name has a unique ID, which can be compared both with the content creator and with digital data. The ownership of the name is permanent and not limited in time, requiring no regular payments. A certain number of LBC coins are attached to the name in the LBRY network as collateral. At any moment, the deposit amount can be withdrawn, and the right to own the selected name will automatically disappear. Names can be either long or short.
How to use LBRY?
To enjoy all the benefits of the LBRY cryptocurrency, you must install the LBRY browser, available versions for Windows, Android, macOS, Linux. Each installed browser becomes a LBRY crypto node provider and simultaneously a wallet for LBC. The browser user can lead his channels and subscribe to the channels of other members of the network. To receive LBC coins for different tasks you have to enter and confirm your email address. It is allowed to enter with the same email address from different devices, all of them are synchronized with each other. The wallet can be used without installing the program, through the web interface at lbry.tv. The developers of LBRY regularly release software updates for node providers and LBRY software wallets. Channels, tags and all information search is improved.