The bear market surged 198% and ViaBTC mining pool was launched. The story of LBC continues

"As long as there is one artist who is silenced, this creative soil is still one mile away from being great and free."

In the Internet age, everyone can share their own music, articles, movies, paintings and other works with the audience through different content sharing platforms. For creators, their works are undoubtedly a display of their achievements and talents, while content sharing platforms are an important channel for them to communicate with the outside world.

However, in the centralized world, due to factors such as politics, rules, capital competition, and public opinion control, creators must sacrifice "creative freedom" in exchange for exposure of their works. Once a work is judged as illegal by a centralized platform, it may be at risk of being taken offline.

At the end of 2019, YouTube, the world's largest video upload and sharing platform, deleted a large number of cryptocurrency-related videos in response to regulatory requirements. This caused great suffering to the creators in the crypto community, as the videos that they spent a lot of time and effort to produce, after receiving thousands of views and likes, disappeared in a second.

During the "cryptocurrency crackdown" on YouTube, many users migrated to the decentralized platform LBRY. At that time, the number of visits to the decentralized content sharing and publishing platform LBRY increased by nearly 100% every day for a period of time.

After this incident, LBRY surpassed Alexandria and BitTorrent to become the most discussed popular project in the file sharing application field in the crypto community.

1. What is LBRY?

LBRY Credits (hereinafter referred to as LBRY) was issued in 2015. It is a digital content center based on blockchain technology. It provides solutions to the content market and related problems it faces. LBRY provides intelligent solutions to deal with the growing digital content distribution platform. LBRY's goal is to provide control to users and content creators with the help of blockchain technology. At the same time, it supports users to synchronize content on YouTube to LBRY, and the platform will give different LBC rewards based on the number of fans users have on YouTube.

LBC is the fuel token for the LBRY network. LBC can be used to access the monetized digital content on the LBRY platform. The total supply is 1,083,202,000, which is generated through mining.

2. A paradise for creators, LBRY allows for more freedom in creation

“Bitcoin was created for financial freedom, LBRY was created for content creation.” — Jeremy Kauffman, co-founder of LBRY

The birth of LBRY is just as the founding team said, it is a truly free creation and sharing platform. Centralized content sharing platforms are very easy to become a tool for capital to manipulate public opinion for various reasons. Most of the information we see on centralized platforms such as Weibo is filtered, and some questioning voices are often blocked. On June 10, the State Internet Information Office instructed the Beijing Internet Information Office to interview the person in charge of Sina Weibo and impose administrative penalties on Weibo for interfering with the order of online dissemination in the Jiang Mou public opinion incident. This incident just shows that centralized sharing platforms can not only delete user works at will, but also risk having their accounts blocked at any time if the interests of the capital behind them are affected. For content creators, the deletion of content means that the hard work of a work has been wasted.

LBRY describes this risk as a single point of failure. The more points of failure an operation has, the greater the chance that the operation will fail at some point. In their view, censorship by sharing platforms is not even the only risk that creators face.

The content in LBRY is encrypted by its publisher, then split and distributed to a decentralized network of host servers. Without the publisher's key, LBRY hosts cannot read the contents of the encrypted files they store, and no one can access the complete content. If you want to read and view the content, you need to pay the publisher the corresponding LBC tokens. The content is completely controlled by the publisher, and creators do not need permission or other requirements to synchronize content to LBRY. In fact, content publishers can have complete control over their works. The LBRY platform does not have an "administrator" and does not even have the right to delete the content published by the creator.

This ensures that creators can freely control their works without being influenced by anyone. However, it is equally important for creators to protect the intellectual property rights of their works from infringement.

Regarding intellectual property issues, LBRY invited the famous intellectual property lawyer Stephan Kinsella to serve as a legal advisor to assist in formulating the platform's intellectual property protection rules and related legal issues. However, the official also advocates that creators respect intellectual property rights and avoid publishing infringing works.

With its decentralization, control over works, paid revenue, content encryption, and the inability of the official to delete content at will, LBRY has become a paradise for creators. As centralized content sharing platforms strengthen their control over users, LBRY has become more and more popular among creators, which is one of the main reasons why it has been operating for five years and has remained popular.

3. Launched on CoinEx to open up the Asian market, and surged 190% in three months

In the blockchain industry, star projects such as Quantum Chain, NEO, OMG, and EOS obviously lacked stamina in the later stages of development, and the team fell into a semi-operational state due to market conditions, team philosophy, currency price performance, etc. The most commendable thing about LBRY is that it has maintained a highly active technical development and project operation status for more than five years since its establishment.

LBRY is a completely open source project. We can find that its code submission is very active on Github. In the past year, the code submission volume has reached 10,007, and the number of code submissions is 135. According to the project party, 13 community developers were added last year. In the past year, the number of users of the project has increased by more than 1,500%, and millions of users visit, download and upload tens of TB of content data every month.

In 2019, LBRY token LBC was launched on CoinEx, a trading platform under the Microbit Group. This is another well-known trading platform where LBC was launched after B-net and P-net. The cooperation between LBC and CoinEx also successfully helped LBRY open up the Asian market.

Various data show that LBRY is currently on an upward trend. The development of the project is also reflected in the price of the currency.

Amid the generally sluggish cryptocurrency market, LBC prices have performed well in the secondary market over the past three months, outperforming many small mining coin projects and soaring 190% in March.

Looking at the DeFi projects that have become popular recently, MKR has increased by 59% in the past three months, KNC 276%, ZRX 156%, and LRC 258%. The performance of LBC is also remarkable.

LBRY has demonstrated the saying "Good wine needs no bush" with its strong technical strength and operational capabilities. In addition to its remarkable performance in the secondary market this year, LBRY has also taken products and services to a higher level. In its quarterly report, we can find that the team seems to have spent more energy on improving product functions, making the trading experience as close to or even better than centralized platforms such as Twitter and YouTube.

4. Old mining coins are back in fashion, ViaBTC mining pool launches LBC

With products, operations, services, and coin price performance leading the field of small mining coins. Recently, LBRY has another good news. On July 8, 2020, ViaBTC Mining Pool announced the official launch of LBRY (LBC) mining pool, and launched dual welfare activities such as "1 month of 0 fees for mining LBC" and "up to 15% mining ladder subsidy". Among them, the subsidy activity, users only need to access the effective computing power of the LBC mining pool for more than 10 days to participate.

As of press time, the total computing power of LBC is 134.478TH, one block is generated every 2.7 minutes, and each block is rewarded with 286 LBC. The mining machines that currently support LBC are BK-D, BK-B, and Zig M1. We take BK-D as an example to calculate the income of miners mining LBC under the normal rate of the mining pool. The cost of a mining machine is 1,250 yuan; the power is 500W; the computing power is 80G; the electricity fee is 0.3 yuan/kWh. With the help of the mining income calculator on the mining network, it is calculated that the payback period for miners mining LBC is 94 days.

Of course, this is the payback period and income calculated without any preferential subsidies. If ViaBTC's one-month zero-fee preferential policy and activity mining subsidies, the increase in computing power and the change in coin prices are taken into account, the corresponding payback period will be even shorter.

What impact will the launch of mainstream mining pools have on LBC? We cannot draw a conclusion yet. However, to some extent, LBRY’s brand awareness and project development prospects are gradually being recognized by more and more people.

ViaBTC CEO Yang Haipo once expressed his views on the cooperation between ViaBTC mining pool and LBRY. He said:

“LBRY was launched in 2015, and the team has been focusing on product polishing and market operations in recent years. This is very similar to us. I think the cooperation between ViaBTC Mining Pool and LBRY is a consensus reached by both parties on the entrepreneurial concept of the blockchain industry. I hope that through this cooperation, we can give full play to the advantages of each other and promote the growth of both parties.”