LBRY is the first digital marketplace to be controlled by the market's participants rather than a corporation or other 3rd-party. It is the most open, fair, and efficient marketplace for digital goods ever created, with an incentive design encouraging it to become the most complete.
At the highest level, LBRY does something extraordinarily simple. LBRY creates an association between a unique name and a piece of digital content, such as a movie, book, or game. This is similar to the domain name system that you are most likely using to access this very post.
However, LBRY does this not through a proprietary service or network, but as a protocol, or a method of doing things, much like HTTP, DNS and other specifications that make up the internet itself. Just as many different domains owned by many different companies all speak a shared language, so too can any person or company speak LBRY. No special access or permission is needed.
LBRY Credits, or LBC, are the unit of account for LBRY. Eventually 1,000,000,000 LBC will exist, according to a defined schedule over 20 years. The schedule decays exponentially, with around 100,000,000 in the first year.
Additionally, some credits are awarded on a fixed basis. The total breakdown looks like this:
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 us. For operational costs as well as profit.
60% earned by LBRY users, via mining the LBRY cryptocurrency.