The world we live in nowadays is full of infinite possibilities. With the meteoric rise of the internet, sharing information has become extremely easy. However, with increased connectivity there have risen issues related to data security and management. Thus, along with information sharing, we also need to create a system that is more interconnected, efficient, and transparent.
What Is LBRY?
LBRY can be thought of as the world's ‘first digital marketplace’ that is controlled entirely by its users rather than some third party or person. It is open source based and thus is able to deliver users with an open and fair online market experience. It can currently only be used for trading online goods at the moment, but developers are looking to improve and incorporate other trading opportunities in the coming future.
Also, when looked at in more detail we can see that LBRY works by creating “an association between a unique name and a piece of digital content”. This can include data such as movies, games, books, music etc.
What Makes LBRY Unique?
Some of the key aspects of this service which make it unique include:
Unique Payment Capabilities:
The platform comes integrated with a ‘coupled payment and access’ system that allows a person to receive a remuneration as and when somebody views content that we have uploaded.
One of the key benefits of using this platform is its highly secure nature. Since LBRY is not controlled by any one single person, all activities can be kept an eye on quite easily and effectively.
One of the most distinguishing features of this platform is that it is controlled by the community of operators who are using the LBRY system. For example, the publisher of any content posted on the network can unilaterally remove or block content on the LBRY network.
How Does LBRY Work?
Step 1. The user decides what content he/she wants to upload onto the network.
Step 2. All of the data that is cut into small bits of tangible data and then stored on the host servers.
Step 3. The user can then reserve a name that relates to his/her content.
Step 4. After the data has been placed on LBRY, a description needs to be supplied. This includes relevant Metadata, tags etc.
Step 5. The user can then choose to levy a small fee on any person who wants to view, make use of the content. This is done by issuing the interested customer with an invoice, which once cleared comes with a ‘decryption key’.
LBRY can be downloaded by visiting the official company page. Since this software is still in its beta testing phase, it may crash or work unreliably. It can be accessed on a multitude of OS’s including Windows, Android, Linux and MacOS.