LBRY, pronounced as "Library," serves as a decentralized protocol for distributing digital content and operates as a marketplace for various media types, including videos, music, ebooks, and more. At its core, LBRY leverages blockchain technology, ensuring that content remains under the control of its original creators rather than being subjected to third-party interventions. This feature effectively addresses concerns related to censorship and copyright claims. With an open-source codebase, LBRY invites developers to craft their own decentralized applications (dApps), enabling content creators to upload their work and monetize it by setting their own fees.
The native cryptocurrency, LBRY Credits (LBC), powers the entire ecosystem of digital content within the LBRY network. Users must utilize LBC to access paid content, while the platform also offers an opportunity for mining, rewarding participants with LBC for their contributions to the network.
Founded by Jeremy Kauffman, who currently serves as the CEO, LBRY Inc. aims to establish a decentralized global hub for content that is not owned or controlled by any single entity. Jeremy's entrepreneurial journey includes founding TopScore, a successful startup focused on event and activity registration. LBRY Inc. is also supported by co-founders in key roles: Alex Grintsvayg as Chief Technical Officer, Josh Finer as Director of Operations and Analytics, and Jack Robison as Protocol Developer.
LBRY provides an official application that allows users to store and manage their LBC. This app is compatible with multiple operating systems, including Windows, MacOS, and Linux, with mobile versions for Android and iOS currently in the works. Additionally, users can choose the Coinomi mobile wallet, which is endorsed by LBRY, for managing their cryptocurrency. LBC can be acquired through exchanges, and users can also engage in mining activities to earn rewards in LBC.
While LBRY's innovative approach has significant potential, it faces fierce competition from established entertainment platforms like YouTube and Netflix, which have dominated the market for over a decade.