LBRY Review | $LBC | Content Freedom!

by birtanpublished on September 29, 2020

hey guys welcome back to my channel today I'm gonna be doing a project review on library honestly it's been a long time coming I really wanted to cover the project but I kept getting sidetracked and the spirit of full

Disclosure I do hold library tokens but it's because people have tipped me for my content on the platform library has a funding model set up for the community so that they can submit requests for ideas that they have on how to help

Spread the awareness about the project I wanted to test it out so I submitted a proposal for this video and I was approved which means I did receive library tokens in exchange for this video but this no way obligates me to be

Bias and I want it to be fully transparent with anyone I will continue to be honest about my views on the project and to be honest I was planning on doing the video with or without the funding but I figured if I could get it

The funding process would be an important aspect to include in the video as a pro and also to make others aware how simple it is and possibly have others want to submit their own proposals if they think that they have

Something that might be a good idea obviously my goal is always to be transparent with you guys and so obviously here's my transparency quick disclaimer I'm not a financial adviser all investments have inherent risk and

Please do your own research let's start with what library is how it came to be and who's behind it so library is a free open source and community run digital marketplace thanks to decentralized nature no one

Can remove or block content unless it's removed by the publisher themselves in the most simplistic terms it's basically a crypto based YouTube but with way more control as far as monetization goes the library blockchain serves three key

Purposes it's the index of the content available on the network it's the payment system for the purchase content and it also provides a decentralized publishing identity who started the project

Jeremy Kauffman is the founder and CEO prior to library Jeremy founded top-scorer a startup the processes millions of dollars monthly in event and activity registrations he attended Rennes layer Polytechnic Institute where

He received degrees in physics and computer science Alex grin spag is the founder and CTO Alex aka grin focuses on technology development at library and manages infrastructure growth Grune has

Previously designed and managed scalable infrastructure solutions for SAS firms alex holds degrees in computer science and psychology also from Rinzler Polytechnic Institute up next is their ICL so

The project didn't have an ICO the coin is actually an instant mine their Genesis block created 400 million LBC tokens to be distributed by the library team 300 million of these will be allocated to the partners of the project

And of that 300 million a hundred million are designated to charity 100 million are owned by library directly and the remaining 600 million already be mined additionally some lbc may be given

Directly to the public or the community in ways that add value and make sense the library project is managed by Library Inc which is a company designed to develop and deliver the library technology it was created in 2015 under

The technology library users proof-of-work as its consensus algorithm and it's based off bitcoins blockchain with some upgrades library has a block time of two and a half minutes and can handle seven

Transactions per second library has two layers which make up the platform those are the protocol layer and the service layer the protocol layer provides the fundamental underlying technological capability and the service layer

Utilizes the protocol to do something that we as users actually find useful layer one the protocol while the protocol is one comprehensive set of rules is easier to understand as two parts first the blockchain and a second

Is the data network the blockchain the library blockchain also provides a decentralized lookup and metadata storage system the library blockchain supports a specific set of commands that allows anyone to bid in LBC to control

The library name which is a lot like a domain name whoever controls a name gets to describe what it contains what it costs access who's gonna pay for and where to find it these names are sold in a continuous running auction the data

Network library net is a layer that makes the library blockchain useful beyond a simple payment system it says what to do with the information available in the library blockchain how to issue payments how to look up content

Identifier and so on the second layer is library services these services are would actually make the library protocol useful while the library protocol determines what is possible it's the services that actually do things these

Include things such as applications and devices content discovery content distribution as well as transaction settlement applications and devices a library application is how a user would actually have a meaningful interaction

With the library network a library client uses the protocol in a way that allows for the user to simply search for content pay for it when necessary download it and enjoy I mentioned that people can

Pay for content on the platform I want to clarify that the creator of they're charging users to view their work and my experience everything is almost actually free on the platform at the moment all including

My content content discovery search features can be created from the catalog of metadata provided in the blockchain as well as a constant transaction available in the blockchain or observed on the network discovery on library can

Also take the form of feature content so clients can utilize featured content to provide additional visibility for content the consumers may not otherwise be looking for or may not otherwise see metadata summarizes basic information

About data which can make finding and working with particular instances of data easier for example author date created date modified file size type these are all examples of very basic document metadata having the ability to

Filter through that metadata makes it much easier for someone to locate a specific document or locate something that they're looking for next is content storage so any digital file can be published on library images music games

Ebooks videos even less obvious ones like software plugins Photoshop brushes and 3d printing files after enough people have downloaded your content you don't need to have your library app open any longer

That's because originally you were hosting your own files but as people begin to download it now they are hosting it as well this is how sites like BitTorrent work onto content distribution so most digital content is

Subject to the regulation to the Internet service providers as well as the influence of the government in that region traffic from host servers can be throttled manipulated and halted altogether however in the case of the

Library protocol concept comes from anywhere and everywhere and therefore is less likely to be stifled not to mention that the market mechanisms of library create a strong incentive for efficient distribution these properties along with

Libraries infringement d incentivizing properties make it appealing technology for large existing data or for content distributors speech or SPE CH speech is the first website to use the library protocol and it promotes free speech

Speech is a free image and video hosting website you can share your images and your videos which can't earn lbc directly from this site speech is using the library network so your contents publish in a decentralized fashion this

Protects your files from being centrally owned by companies all the free and public images and videos that are published on a library app can be accessed at speech CH and vice versa also at this point I would like to

Mention that they have a wallet that holds LBC and it's integrated directly into the platform itself which is actually extremely convenient because if things kind of packed into one location that brings us to present day so

Currently library sits at 279 and coy market cap the market cap value of 22 million libraries current circulating supply is 167 million LBC tokens with a maximum eventual supply of 1 billion if you're interested in purchasing LBC

Tokens you can get them from bid tricks up it or Polonia acts they just underwent a whole new facelift for the platform and honestly it looks awesome I've been nagging someone from the team because I wanted them to add a refresh

Feature meaning basically when I put new content up on the app my newest content also refreshes to the featured page because that's where I am I wanted to be able to show my most recent upload without them having to go in manually

And make the app do it well lo and behold the new update they added that so it's a small change but it's something that I really wanted and was really excited about now it's mentioned you can bring your own youtube over with a

Feature that's called YouTube sync it'll automatically pull all of your content from YouTube and on top of it you get some sort of like a creators reward so you'll get some lbc for doing that what's coming up that we had to look

Forward to on the roadmap youtube sync automation says it's in progress this will automate the YouTube sync process for new users to update new content on existing channels basically meaning if you upload content to YouTube it should

Auto upload to library making the process much easier also in progress and slated for q3 of this year is the release of library for Android the beta app I for one I'm super excited about this because you know an Android library

Release means that there will likely be an apple app coming out soon they're working toward adding support for comments and features like tagging and other categorization as well also on the roadmap for q3 of this year a Fiat 2

Coinbase LDC payment gateway that's a big deal basically this is going to integrate with a Quinn based buy widget onto the library app which enables new and existing coin based customers to purchase bitcoin litecoin eath whatever

Via their bank accounts or credit cards and automatically convert it to LBC super-useful onto the pros the entire project concept for me as a pro it's no secret to those who've been watching my channel for

Quite a while now that I love alternative content platforms I use just about every blockchain based project that's out there right now I stand so strongly behind projects who are trying to create alternative things to YouTube

Because we so desperately need it the team in the community our big Pro for me is well they're extremely friendly they're willing to listen to suggestions and they're always open to new ideas they're all really easy to get a hold of

And as far as a community goes I'm was getting tipped for my content on the platform which is a really pleasant surprise considering on YouTube you don't get tipped for anything so it's a nice change of pace it's an open network

Library lots anyone to use a platform in its free form with no censorship no regulations and allows creators to own their own content constant progress and updates when you open the library platform if there's been a new release

Or an update something on the app is gonna prompt you to upgrade and restart I honestly feel like I see this prompt probably once a week which is an awesome indication of the fact that they're always working developing on the

Platform next up is the cons a big weakness for me is marketing project is great and so is the platform but it's really not well known and considering there's other platforms out there like Steam it that are more popular but

Completely gamed I'm pretty surprised that this is not more well known because of that it can be kind of slow sometimes I'd imagine that's because it's running a proof-of-work which is kind of just inherently a little on the slow side

There's no way to upload directly to your channel if you're not home meaning you have to use the computer that your library platform is downloaded on this kind of thinks because sometimes if I'm not home or at work or something and I

Realized I've forgotten to upload there I have to wait til I get back home I also can't browse content on there and I can't look at my wallet or do anything related to it because I don't have access to the app unless I'm on my home

Computer expanding on the fact that you can't browse content outside of the platform it'd be really cool if they had a mobile app you know that's in the works but a mobile app or web app or something

They created speech which I mentioned before it's just like that media hosting site and you can post the stuff on there but you can't post directly to your channel so you won't end up earning lbc and it couldn't there just be a waste of

Your content you know if you were gonna hope that someone was gonna tip you on it because you can't cuz it's not on your channel final thoughts I make no secret about the fact that I really like this project I've been using it for

Months I'm pretty vocal about it on Twitter and so on you know but that's not to say that it doesn't have its flaws they definitely need to make the platform more accessible across more devices in a much easier way but based

On the redesign and their most recent updates to it I fully believe that they're on the right track and I'm really excited to see the platform progress and hopefully take off I'm gonna leave all the links down below for

Everything related to library and also their YouTube sync option if anybody is interested come over and join me you will find all of my content over there as well well guys that about wraps it up for me thank you very much for watching

I appreciate all the support if you're interested in contributing to the channel you can do so by checking out my webstore I've got crypto t-shirts and I just put a bunch of new stickers for sale if you

Head over to my patron that's another option as usual I'll leave all the links below and I'll see you guys soon

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