The important aspect of LBRY that everyone seems to miss
It's not that LBRY is decentralised and distributed. Not that there's incentivised participation. Also not that content creators get almost all of the revenue, or that it's all-in-one. Not even that it's uncensorable. So what's the real thing about LBRY?
The most interesting aspect is the underlying economic theory
According to which in a free and liquid market of names/domains/namespaces, any name will end up with it's legitimate owner.
The party locking in the most LBC (LBRY Credits) will be granted the right by the network to control the name within the LBRY network -regardless of who controlled it previously.
The legitimate owner of any brand or name is the one who will likely be able to make the most profit of a product. People prefer to pay the legitimate owner for the product, instead of a pirate. Because James Cameron can prove that he is the legitimate owner of the Avatar brand, he is the person who will be able to make the most profit from the name. Thus, he will be able to put up the most LBC for the name, and so doing will end up controlling the name Avatar in the LBRY network.
Do you see the incredible implications of this?
- Namesquatting will only provide a temporary benefit, as no-one can secure a name to himself.
- Piraters will quickly fill the space, generating buy-pressure for LBC
- New content will quickly be added to the network, as people pay for the content
- People will start to use LBRY because there is content
- Legitimate parties can easily aquire their brands on the network, without directly benefitting pirates.
- The anti-piratism arguments aren't very strong in regards to the LBRY network, as the rightful owners just need to acknowledge the legitimacy of the network to claim their rights. Thus the network has a strong case, which will likely help it in the race of similar platforms.
The LBRY model could very well prove to be the most effective system ever invented against piracy. Just think of how cost-effective it is while at the same time conforming to the non-violence principle greatly admired by liberalist, anarchist and sheeple. Then compare it to the alternative; courts, police-operations, DMCA, prison, etc...
Now I hope you understand that the thing about LBRY isn't what it looks like or how it feels. That will get better over time. The most important aspect is what you can't see - and most people will never see. Now you might be tempted to get some LBC. Feel free; I've already got mine.
Good post, mate! thanks for sumarizing here this good project!
Definetelly, LBRY seems to have a promising future, solving many problems of the author rights. As I said in many other related posts, this is on of the best projects to long term invest.
Not completely understanding what you're saying. Is this any different than someone squatting on a web domain name or even a domain on Ethereum?
Once you have a domain on Ethereum, you have total control over it. You can set the price if someone wants to buy it, but no-one can force you to sell it. If you have the domain "Avatar", you can profit handsomely. Thus there is an incentive to squat names.
On LBRY it's different. The system can and will take a domain from you, and give it to the person who is willing to bid more LBC than you - who is very likely the rightful owner of the brand in question. In effect you can't squat names. At best it's only temporary, but it serves to bootstrap the network. There is an incentive to aquire popular names and provide the media in question - so to make some revenue, but only until the rightful owner comes. The pirater will not get disproportionate profit, only the same increase in value as all other holders when the owner accumulates enough LBC to bid.
I hope this helps
Aha! It's first time when I hear about LBRY and LBC. After this explanation I understand the idea. I think you should include this comment in the article. :)
I'm glad there's a discussion section, as I am incapable of writing complete articles :-)
Oh got it. Let's say I got avatar for 100 LBC, then the real owner came along and bid 200 LBC....would I get the 200 or would I just get my 100 back?
Yeah, you got it. You would get 100 back. You would have also got the revenue from the time you provided the network your "service".
That is genius actually.
Nice post
Nice comment
I just don't understand it.....is there any other social media that you could compare it to?
Think of it more like a Netflix of all media types. It isn't so much about the social media aspect of the platform itself, I think it is best used when tied to other things, but I have no doubts all sorts of different use cases will come of it I can't think of. Example of something I shared on LBRY, but would not share here on the Steemit blog https://steemit.com/magazine/@cryplectibles/ogrish-magazine-3-a-no-look-inside
No. But have a look at all the other articles about LBRY, or check out their own website to understand what it is. It's not a social media, but more like Popcorntime, where anybody can upload media or other content, and get paid for it.
https://steemit.com/created/lbry
That is something I didn't know about LBRY. I am so grateful for sharing this information. May the force be with you !
hallow friend how are you