Blockchains and Entertainment? Not so far...
Where's the Gold?
What you are about to read is an opinion. And we know what opinions are like.
You are welcome to rebut my statements and complain.
However, I would be amazed that you would not be interested, since this could change the way we all access entertainment, read books and listen to music. At least in the short run. Certainly, things will change again.
Unfortunately, the topic I have chosen to write about could, at some point in the near future, compete with the very website I am writing for. So, this article can be removed at any time.
Only time will tell.
If you've made it this far, congratulations. You are one of the very few. For what I'm about to tell you borders on secret. No reasonable entertainment company would advertise it.
In fact, in an effort to get this information you, I've striped this article to the bone. All references to certain companies in the software, book selling, online music industry and movie markets -- have been removed.
Earlier versions of this blog mentioned companies and their waning sales. Comparisons were made between these companies and what I'm about to tell you. Strangely, my blog was not given the full light of day, until I literally gutted it. I retained a certain tone, however. I hope you pick up on it.
Daddy's Knocking on the front door...
What if everything you knew about the entertainment industry was about to change?
Would you care? Probably not.
How about the "reading" industry? Books, magazines, news articles, white papers -- all of it? If they were all about to go somewhere else? How you download and read them. How you store them. Nearly every way we access that information -- would change.
This is just one of the things that Fintech (short for "Financial Technologies") is doing. Maybe the name should change, however. The shoe no longer fits, after all.
This is no longer a Fintech explosion per se. It's something much more. It's closer to an InfoTech evolution. How we deliver data, movies, books -- everything virtual -- in an economical format.
What if entertainment, the movies you buy for example, only belong to you? They are un-shareable or have limited numbers of shares? Or the sharing aspect is set up by the producer?
In other words, that song you bought in chained to a block, encoded in such a manner as not be spread over the internet or pirated like so much noise.
What is "LBRY"
LBRY, will be a decentralized library. An "open source" platform.
What is "open source?"
o·pen-source, adjective, COMPUTING
- denoting software for which the original source code is made freely available and may be redistributed and modified.
Anyone with a computer, a smartphone or a tablet, can use open source software free of charge. There may be exceptions, but for all practical purposes, it's yours.
And that's what LBRY is. A platform where you the user or even you the contributor, can access, watch or upload and sell your own videos. Listen to or upload and sell your music. Read a book, buy a magazine, and upload a novel. And these are just the basics.
But LBRY is still in the early stages. In development. It's not completely open yet. Some of the software has been released for use, but it's still on the technical side, Meaning, if you are not inclined, don't even try.
But the stage is set and the programmers are working. The money is starting to flow in.
Have you ever heard about it?
How much will LBRY cost?
There are no prices yet. We don't know how much it will cost to rent a movie. The website indicates that the movies makers set the prices. Based on that, we a can extrapolate. Prices will be competitive.
The same should go for the books and music and the lot.
LBRY is not a cryptocurrency. It's an application or a protocol.
The "LBC" is the underlying cryptocurrency for LBRY.
How do I rent a movie, buy a book or listen to music on LBRY?
Payment will be made via a cryptocurrency. Somewhat like "coupon money." To rent a movie or buy an online book, you'd send in cryptocurrency.
The cryptocurrency is called "LBC." That stands for LBRY Credits. You can buy them online at a cryptocurrency exchange, such as Bittrex.
You can also create LBC's with a computer using downloadable software. (It's called mining software and it's available now at the LBRY website.)
Once you have LBC's you can then buy content, when LBRY goes live. Some content will be free, however.
The actual software package, the one we will use to watch, read and listen, is still not out yet. How that will work, is anybody's guess.
But the payment processor should be familiar to Bitcoin fans, It will probably be a software wallet loaded on your cell phone or computer. If you can pay your credit card online, you won't have trouble sending and receiving LBC's.
It would be nice if the "LBRY" folks allowed us to keep an online wallet, however. Like a mini-bank full of LBC Credits we can spend by simply logging in. No credit card numbers to give out. Just a password to enter.
Can individuals earn money on LBRY?
Short answer? Yes.
The idea behind LBRY is to engage everyone who wants to sell their content. Not just big movie companies, conglomerates in the music industry or even online bookstores.
LBRY will be crowd sourced, in a sense, and any willing party can use it.
If you have a novel, a video clip or music you'd like to upload, you can.
And you set the price. Free, if you like. Maybe you want to entice your audience first. Get them hooked. Then you start selling.
You collect, however, in LBC's -- as far as I can discern. So when you set the price, you'd need to consult the value of the underlying asset. To do that, you'd need to use a website like Coinmarketcap. You just scroll down until you see LBC and look right to see the "spot" price, so to speak.
To convert to cash, you'd need to utilize an exchange. Currently, these exchanges are available:
And many already know that you can convert to Bitcoin and buy things. Or cash out in dollars at an exchange like Coinbase.
How can one "invest" in LBRY?
Aside from uploading content, there is another way to make or lose money with LBRY.
You can buy or mine LBC's.
Cryptocurrencies usually have no intrinsic value, however, so there is risk.
One can purchase LBC's on Bittrex, for example, and in turn, anyone can then sell their LBC's.
Can LBRY promote free speech?
Original "uploads" are immutably inserted into this shard-like format, of the "LBRY" blockchain.
How do they do that?
The answer is the protocol. It's open source and distributed to all users. Hence, there is no central server. No single point of failure. No boss.
However, it is important to scan the Reddit feeds on this topic. User "kauffj," probably Jeremy Kauffman (Chief Executive Officer) has given numerous answers about the topic. He has implied that LBRY will have legal obligations to filter content in certain cases. This is apparently accomplished at the browser level.
The idea is not to censor free speech. But anything involving a crime, such as murder, rape, and theft, could be removed. This is not censorship, but common sense. The test will be, of course, just how far LBRY will be willing to take their philosophy of free speech.
Will LBRY be immune to Advertising Pressures?
In the world of entertainment and publishing, there are organizations with complex relationships. All want to turn a profit, but that's just it. Anything that would anger anyone is often nixed.
What happens when advertisers dictate content?
Less debate. More homogenized content. No adult programming -- not porn -- but radical debates and reality, both become a whitewashed blur. We get bleeped. Programming goes off the air.
The FCC (Federal Communications Commission) has struck again. No bad words. No cussing.
LBRY could seemingly ignore all forms of political correctness and the advertiser pressures, to boot.
Do online services really ban content?
Yes. Routinely. Consider yourself "protected."
Reddit has banned certain topics.
Wikipedia has been accused of giving out slanted information.
Facebook deletes war photos from user webpages (Scott, Mark).
Bitcoin Forum deletes complaints.
These are just quick examples of our whitewashed media empires.
I won't mention a certain online content mill, but suffice it to say -- I've probably been censored -- again.
Are you still here?
Is LBRY some kind of Media Revolution?
LBRY is certainly an evolution in thinking, not just a protocol or application. It's purpose is to supply a platform that cannot be circumvented by censorship of any kind.
Certainly it's closer to early American political idealism, than today's politically correct "keep your mouth shut" crowd would admit.
It's not about revolting against authority. It's about growing up. It's about revealing what is just out of reach. What is just under that thin veneer of fiction, that our current media leviathans call realism. And let you, the user -- the watcher -- decide.
Sure, free speech is an awesome goal. And sure, LBRY will entice the good and the bad. But it will also galvanize artists, writers, poets, bloggers, comedians and political activists.
For all its evolution, one thing that holds many back is the premine issue.
The LBC Premine
Why not use Bitcoin, instead of LBC?
"LBC" or LBRY Credits are the units of account for many reasons. To enable customization. To avoid all of Bitcoin's ongoing problems. And, probably to raise more money for research and development.
But LBRY has set some coin aside.
Many will call this a pre-mine. It is. A 40% pre-mine to be exact. Out of 1,000,000,000 LBC's.
The timeframe to mine all of the LBC's is about 20 years. GPU and CPU capability for the miners. Noobs may have trouble getting to software to work. It's harder to use than Monero's simplewallet interface.
How "LBRY" explains their pre-mine in detail:
- "...400 million LBC that are reserved for LBRY development. The credits in these wallets are awarded on a fixed basis, as follows:
- 10% for organizations, charities, and other strategic partners. Organizations like the EFF, ACLU, and others that have fought for digital rights and the security and freedom of the internet.
- 20% for adoption programs. We’ll be giving out lots of bonus credits, especially in the early days of LBRY, in order to encourage participation. We will also look to award credits broadly, ensuring the marketplace is egalitarian.
- 10% for LBRY, for operational costs as well as profit.
- The final 60% ...[of] LBC... [are to] be mined by anyone..." (Bryan, Samuel).
Aside from a premine, does anyone actually back LBRY is a big way?
Have there been any significant investments in LBRY?
Pillar Venture Capital (VC) invested a half a million dollars in "LBRY," recently.
Take that as you may. But it certainly speaks volumes.
LBRY is not gaining the interest of traders. Since August of 2016, it has lost value at a steady pace and currently is worth about one penny a coin.
Rather long video about "LBRY"
Where can I find out more about LBRY?
If you would like to find out more about LBRY, I suggest their website.
It is informative and has various videos and news related articles to peruse.
More about "LBRY"
Sources / Further Reading
- @lbryio. "LBRY - Play, Share, Earn." LBRY. N.p., n.d. Web. 09 Sept. 2016. https://lbry.io/.https://cointelegraph.com/news/lbry-the-lovechild-of-bitcoin-bittorrent-storj.
- Bryan, Samuel. "Come and Get ‘Em! LBRY Credits Now Available to Mine." LBRY. LBRY, n.d. Web. 09 Sept. 2016. https://lbry.io/news/lbry-blockchain-live-mine-lbc-now.
- Redman, Jamie. "LBRY: The Decentralized Sharing Platform - Bitcoin News." Bitcoin News. News.bitcoin.com, 01 Nov. 2015. Web. 09 Sept. 2016. https://news.bitcoin.com/lbry-decentralized-sharing-platform/.http://bravenewcoin.com/news/alexandria-vs-lbry-which-will-be-the-file-sharing-application-of-the-next-generation/.
- Scott, Mark. "Facebook Censors Iconic Vietnam War Photo Over Nudity." The New York Times. The New York Times, 09 Sept. 2016. Web. 09 Sept. 2016. http://www.nytimes.com/2016/09/10/technology/facebook-vietnam-war-photo-nudity.html?_r=0.
© 2016 jgshorebird