The one year anniversary live stream of LBRY.io is over. The media streaming platform build upon their own new internet protocol LBRY (reads: library) has announced the Open Beta at the end of July. Technically you can get the software already with their Early Access Program.
If you want to learn the basics: I already wrote an article about what LBRY actually is.
The Better Digital Content Distribution
So, the idea is that you have a website like YouTube, Netflix, Udemy or maybe even file hosting platforms like Mega (they didn't specify on the filehosting part but it sounds possible with the protocol). But the whole thing works with its own digital currency (LBC, short for LBRY Credits). You can upload videos and files for free and share them either for free or sell them for a price you set. The data is not delivered from one central server but from the entire network parallel, similar to BitTorrent (at least from those people who do have the requested file stored on their computer).
Attack on Udemy and Co
This is ingenious. Instead of hosting your premium video courses on Udemy, where you get only 50% of the price when the user came via the Udemy website (97% when you send your own users there) you can now cut out the middle man and directly offer your courses on LBRY. Even better, instead of being payed via PayPal with another 2.9-4.9% fees you can get payed in cryptocurrency and exchange to Bitcoin (or whatever) for your main wallet. I am creating such a video course at the moment and I will think twice now where to host it.
Also good to know: LBRY is interested in exclusive partners which are hosting their material only on LBRY. I like that. I can send my students from my website to the LBRY store from LBRY.io or any other future page/app using the LBRY protocal and therefore accessing the blockchain ledger with the entire library of content.
Alternative to YouTube?
Aapparently it is also interesting for YouTubers to host their videos there as well because there will be a micro-fee to watch the video. That accumulates over time. Additionally there is the chance for advertising like on YouTube. I am still a bit sceptical if that is really valuable to YouTubers. I guess it will certainly be the better option for alternative media because they are loosing a lot of income on YouTube because of the corporate pressure. Big stars like PewdiePie are having similar problems these days.
Conclusion
I think the potential is massive, so massive that it could change several industries, maybe revolutionaize the wqay we consume digital content. The project is still in its early days (365 to be precise). The software is not even publicly available yet. So we have yet to see how much acceptance they will get. They do have already around a hundred thousand users, which is massive for a Beta like this. I think the millenials will love this technology and it will eventually become mainstream.
What do YOU think about this project?
--> Early Access Program
Great post! One question - how does the blockchain identify pirated contents?
It doesn't. There is a huge potential to use if for infringement. The developers know that and counter that with a platform that allows for plenty of defense mechanisms. But that is just LBRY.io. In theory there could - and probably will be - 3rd party apps that allow illegal content. But it they content can be flagged by users and deleted by the developers.
Rip YouTube is all I have to say.
I think it will take some time before LBRY will take off. But I also think it will take off eventually and it will be good.
