LBRY is the new video sharing platform aiming to disrupt YouTube and become an adequate alternative in the video social networking space. The consequences of LBRY existence could usher in the next stage of the internet and bring faster changes to an already fast-changing digital landscape. LBRY aims to answer a simple question, what if YouTube was on the blockchain.
What is LBRY/Odysee?
LBRY is a decentralized video sharing platform that allows it’s users to publish videos gaining views, likes shares and followers. Using blockchain technology LBRY enables its users to get LBRY Credits (LBC), a cryptocurrency they earn from publishing content, being tipped by viewers, gaining rewards from referrals and other various tasks like mining, testing or helping to develop the platform.
LBRY has also made efforts to rebrand to Odysee with a more user-friendly and welcoming look and feel with new feature expected to be added. Odysee looks more in line with other social media design styles which could help in more mainstream adoption.
Who created LBRY?
LBRY was created by Jeremy Kauffman in 2017. In interviews, he stated that he wanted to create a new decentralized blockchain supported video share network, which did not fall into the same pitfalls as previous decentralized social media. A platform which is user-centred meaning easy to use and understand, attractive to be a part of for content creators and comparable to its competitors.
LBRY thus far has not reached all the goals its set for itself, but it is starting to look like a viable alternative to platforms like YouTube. One of the advantages that LBRY has built into its design is the decentralized nature of the platform, which means that it is censorship-resistant and puts free speech at the core of its operations. The second advantage is that content creators are able to earn compensation for their work and as the user’s base grows will become more comparative to YouTube.
How does LBRY make money?
According to its founder, LBRY makes money from initial coin offering (ICO) which is a form of crowdfunding, the mining of its crypto-currency and increase usage of LBC. The more people join the LBRY/Odysee the more they’ll use LBC and as a result, the value of the crypto-currency will increase, which increase the value of the tech company as well. Another way LBRY plans to make money is also by running advertisements on its platform similar to YouTube.
Kauffman has stated that ads on LBRY won’t be as invasive as they are on YouTube, with content creators’ controlling there placement. Thus far LBRY has being praised for listening to users critics on its development and functionality, LBRY has also made new changes in order to enhance the user experience and attract users and creators.
Why did Google ban the LBRY android app from the Play Store?
Google over the weekend banned the LBRY android app from the Google Play Store, sighting some certain images that appeared on LBRY as pornographic. Kauffman has stated that he believes LBRY is being targeted by Google in order to protect YouTube, as more content creators are switching to LBRY as an alternative to YouTube. Kauffman also said the same images Google flagged also appear on other apps that haven’t been banned.
Why is LBRY important for the future of crypto and video sharing platforms?
The success of LBRY will not only establish blockchain in the Social Media space but also provide a suitable use for crypto-currencies helping in their mass adoption. LBRY will also set a president for the development of other digital platforms incentivizing and expanding the use of blockchain. The censorship-resistant aspect of blockchain can also not go understated as this platform has freedom of speech embedded in its design and development.
The LBRY may become the tipping point which could change how content is published and remunerated changing the business model of every other platform involved in content distribution today. LBRY also allows other developers to build new applications on its protocol that interact with digital content on the LBRY network.
As blockchain has evolved in the crypto-currencies arena many use cases have popped up, but all these use case are dependent on how Blockchain is applied and adopted. Many have sighted the next stage of blockchain development will be in its applications and LBRY may just be that next stage.