LBC (LBRY Credits) is the currency of the LBRY Protocol.
- What is LBC used for?
- Vanity Claim Names
- How can I get LBC?
- LBC Wallets
- What is a cryptocurrency?
- LBC Premine.
LBC is used for primarily 5 things.
Just like Bitcoin: Transactions – In LBRY: Mostly between viewer and content creator.
Just like Bitcoin: Rewarding miners who secure the integrity of the network.
LBRY-Feature: Deposits for Vanity Claim Names
LBRY-Feature: Deposits for Channel names.
LBRY-Feature: Rewarding Data-Hosters who secure the data availability, (coming soon).
LBC is built on Blockchain-technology which secures the transactions. It is proven to be the most secure technology for securing data – as long as the integrity is secured by enough hardware miners and mining pools.
Vanity Claim Names
Yes, a Vanity Claim is like an URL of LBRY. It is created by depositing any amount of LBC when publishing a file.
Vanity Claims Names are chosen by a bidding system. The auction never closes.
The name that is valued the most, will be owned by the person or company that values it the most.
You can claim lbry://cocacola and deposit 10 LBC. If Coca Cola Company comes and wants it, they will have to deposit more than the 10LBC, so that they can be listed first when people search for “cocacola”.
Several people can publish at lbry://cocacola and each publication has a unique ClaimID
The one who deposits the most LBC’s into a name will be shown first when people search for Coca Cola.
Channel Names (@)
You may create Channel Names that work just like YouTube channels, and they use the exact same bidding system as Vanity Claim Names. They are identified by the @-symbol.
Vanity Claim Name = lbry://LBRYCommunity
Channel Name = lbry://@LBRYCommunity
All the LBC’s are still in your control.
These deposits are safe, as long as your wallet is safe and you follow Wallet Security instructions.
You can retrieve your LBC at any time, but doing that will lose your spot in the search results.
Read more details at LBRY Inc’s website here ‘Naming‘.
1. Buy LBC (You need Bitcoin first)
- Buy LBC in the LBRY App.
- Buy LBC at a Cryptocurrency Exchange like Bittrex, Poloniex, or Shapeshift.
2. Get rewards/bounties
- Receive rewards by verifying yourself in the LBRY App.
- Receive rewards by helping out in the LBRY Discord Chats. (Begging is not allowed.)
- Complete bounties at https://lbry.io/bounty
- Apply for funding for a LBRY-related project you have planned. https://lbry.fund
3. Mining or Data-Hosting (Secure the Network.)
- Mine LBC with your hardware
- Use your storage space for hosting data on LBRY. (Coming soon.)
We do not provide investment advice.
For Beginners (GUI)
For Advanced Users (CLI)
- Coinomi (3rd-party Wallet Provider)
What is a Cryptocurrency?
A cryptocurrency is a digital currency or asset which is secured by strong cryptography. They all have a market value, and you can sell or buy them at Cryptocurrency Exchanges. One unit of a cryptocurrency is usually referred to as a ‘coin’, just like Bitcoin.
You can have less than 1 coin – for example 0.1 coin.
They are all divisible, which means that you do not need to buy 1 coin. You can buy a tiny fraction, for example even 0.00000001 amount of a coin. Yes, those are 8 decimals. – Use your reading glasses accordingly.
Price & popularity does not justify utility.
Some cryptocurrencies are more popular than others, and some are not so popular. This is usually reflected by their price, but the price alone has not much to do with the actual utility or development-progress of the coin. A lot of cryptocurrencies are heavily marketed, and some are bought even before they are released (search for ICO’s).
LBRY (LBC) never held an ICO, however the developers set aside a huge amount of LBC at the birth of the LBRY Blockchain. This is called the ‘LBC Premine’.
We do not provide investment advice.
The LBC Premine is what we call the 400 million LBC’s, or 40% of the 1 billion LBC’s which will ever exist.
These 400 million premined LBC’s are planned to be used for:
- Operational Fund for LBRY Inc. (100 million)
- Community Fund (200 million)
- Institutional Fund (100 million)
Read more in LBRY Inc’s Credit Policy.
LBRY Inc. is distributing LBC’s to any people who help with app development or anything that helps LBRY reach their vision.
LBRY-C Team, namely us who made this website are also funded by this premine. We got funded at https://lbry.fund.
Who Controls the Premine?
LBRY Inc, the company that made the LBRY Protocol are in control of these LBC’s.
So far, LBRY Inc. has been very careful about using these LBC’s these last two years, so we at LBRY-C Team trust them to continue this responsible management of funds.
However, we wish that in the near future that these funds do not remain in control of a single entity, but is distributed between many other, still responsible entities. Maybe even a LBRY Foundation?
Average Block Time
LBCs generated every ~2min.
Number of blocks mined.
of total LBCs are in circulation
LBCs in circulation right now.
LBCs yet to come into circulation.
Total LBCs that will exist. (~20 year period).
of LBCs have been hardware-mined.
LBCs already hardware-mined.
LBCs yet to be hardware-mined. When empty - miners will only receive transaction fees.
Total LBCs reserved for miners (20 years period).
of LBC Premine has been unlocked.
LBCs unlocked by LBRY Inc.
LBCs locked in LBRY Inc's multisig-wallets.
Premine Funds granted to LBRY-C Team
These numbers are not updated in real-time. They are added manually, and should be considered as approximates.
More up-to-date info can be found at CoinMarketCap.com. A lot of our stats are taken from there.