Library Credits Coin is one of the more interesting cryptocurrency projects in existence. It was founded in 2016 before the ICO craze of 2017, and has managed to survive to the present day.
That is enough of an outlier in the cryptocurrency scene that it deserves some mention. And that is exactly what this article will do – we will cover everything you need to know about Library Credits Coin (LBRY).
What is Library Credits Coin (LBC)?
Library Credits Coin is a surprisingly simple cryptocurrency. It’s essentially a cryptocurrency based around a pretty decent file sharing service, but with a few more benefits to users.
First, it’s similar to YouTube, but content creators receive LBC tokens for each view they get, which is nice for them.
Next, it has a peer to peer (P2P) functionality that works similarly to BitTorrent. The twist is that seeders get paid, in LBC tokens, for seeding files. This has the benefit of increasing the amount of seeds of rare files that are difficult to find on The Pirate Bay or other torrent sites.
Basically, Library Credits Coin is the method of paying content creators and seeders on the LBRY digital media platform.
The Benefits of LBRY
LBRY has a lot of benefits over the more typical options for the different services that LBRY competes against.
First, the biggest benefit of LBRY is that it’s truly decentralized and peer-to-peer. We do admit that there are alleged decentralized options (BitChute), but the decentralization of those choices are often questioned.
Other decentralized platforms, such as BitTorrent, are malware havens.
With that in mind, decentralization is what makes LBRY better than the competition.
The other benefit of LBRY, as covered earlier, is that it rewards content creators for creating content and making the platform function.
We can’t understate how big that reward is for content creators. However, LBRY does have one major downside, which we will cover in the next section.
The Downside of LBRY
The downside of LBRY, and all digital media platforms, is that it does not have all that much content on the platform. It’s a sort of chicken-egg problem where consumers do not want to use the platform because there is no content, but content creators do not want to upload content onto a platform with no viewers.
Again, this is a problem inherent to all digital media platforms. Bitchute, Gab, and every other alternative platform has a similar problem.
It’s rather unfortunate, but that’s simply how these things work. The good news is that the underlying technology is still good – it just takes a lot of time for user adoption to take root.
How Much is LBRY Worth?
The worth of LBRY is difficult to determine, but the obvious best method for determining the worth is by looking at the market cap of the LBC coin used to power the network.
And, admittedly, that does not look great.
The total market cap of LBC is $88 million, which ranks it as the 293rd most valuable cryptocurrency by market cap.
In terms of cryptocurrency, it’s low, but it’s actually pretty valuable as a digital media platform with a decent amount of users and a solid platform and technology.
Basically, we would not say LBRY is one of those cryptocurrency projects that fizzles out to nothing. It does have users, solid technology, and a somewhat valuable utility token.
Why LBRY Is Worth So Little
The market cap is fairly high, but the price per coin is a paltry $0.17 per coin.
That is not too important because it’s mostly a function of there being over 500 million coins in circulation. The maximum supply is 1 billion coins, so the total value of the coin will likely decrease over time as less supply is being added.
It’s also useful for the cryptocurrency to be worth less because it makes it much easier to use. If the coin were worth too much, then people would be turned off from using it for small tips.
A good example of that is bitcoin. Sure, people denominate it in satoshis, but that’s cumbersome and difficult for beginners. A lower valued coin is simply much easier to use.
The Future of LBRY
We stand with most cryptocurrency experts when we say that Bitcoin, Ethereum, and other top cryptocurrencies are likely the best investments.
However, LBRY as a platform is actually promising. Unfortunately, the cryptocurrency associated with it – LBC – is likely not a great investment.
All that said, we would recommend at least checking out the platform because it really is a good platform.
That covers it for Library Credits Coin and the LBRY platform. LBRY is one of the more promising decentralized digital media platforms available today, so it’s certainly not a coin that you should ignore.
However, as mentioned previously, we believe that the platform will exceed while the value of the cryptocurrency stays stagnant. This is more of a platform to look at than a solid cryptocurrency investment.
Still, it’s a worthwhile project and something to look out for in the future as increasingly more online services become decentralized.