LBRY Credits
Crypto Overview
Purpose and Utility
LBRY Credits (LBC) is the native cryptocurrency of the LBRY network, a decentralized content-sharing and publishing platform. The token was designed to enable content creators to publish and monetize their work while allowing users to tip creators and pay for content. LBC serves as the mechanism for content discovery, hosting incentives, and platform governance.
Business Model Analysis
The core business model revolves around decentralized content distribution, which is inherently halal as it facilitates legitimate exchange of value between content creators and consumers. The platform allows for general content sharing, including educational materials, art, and music. While the platform itself is content-neutral, it implements community guidelines to prevent explicit adult content.
Real-World Adoption
The LBRY platform has faced significant challenges following legal issues with the SEC in 2021, which resulted in the LBRY Inc. company shutting down. However, the protocol continues to operate through community efforts, though with reduced activity. The platform still maintains active users who utilize LBC tokens for content interactions.
Development Activity
While LBRY Inc. has ceased operations, the open-source nature of the project has allowed community developers to continue maintaining the protocol. The development activity has significantly decreased since the SEC action, but basic functionality remains operational.
Token Distribution and Governance
The initial token distribution included allocations to the LBRY Inc. team and early investors, with vesting periods implemented. Following the SEC settlement, many of these tokens were affected by legal requirements. The remaining tokens continue to circulate within the ecosystem for their intended utility purposes.
Crypto Impact
To assign a comfort level investing in LBRY Credits from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to LBRY Credits.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.