LBank AMA Recap with LBRY
Host: Today I would like to welcome our guest #LBRY & Odysee.com CMO, Julian Chandra @jpchandra
Host: Welcome to LBank @jpchandra
Host: Our users actually know you. Because we talked about it many times in our telegram groups.
But would you like to tell us about yourself and the #LBRY & Odysee.com anyway? @jpchandra
Guest: LBRY is the most widely used blockchain protocol for media in the world.
In recent months, popularity for LBRY has increased exponentially, particularly since the launch of Odysee — a video sharing platform like YouTube built on blockchain.
Odysee is the portal to access the media content on the LBRY blockchain and it incorporates the LBRY Credit token (LBC) within its economy. In the short time since Odysee’s launch, it’s grown to 20+ million users.
I am one of the creators of Odysee and also the Chief Marketing Officer for both Odysee and LBRY. I have lived in China for 3 years and had left recently to join forces with LBRY. I am super excited about the growth within the market.
I believe LBRY offers excellent utility to the APAC market and is a hallmark example of how a blockchain protocol can be practically adopted and used in a mainstream context beyond speculative investing.
Host: Thank you very much for the information you provided. If you are ready, I want to start with the first question from Twitter users about #LBRY & Odysee.com
Guest: No problem. Let’s go!Host: Q1 From Twitter:
Why was LBRY created and how does it take advantage of blockchain technology?
Guest: The LBRY blockchain was initially conceived as an idea in early 2015 by founder Jeremy Kauffman when he wanted to marry blockchain technology with Bit Torrent / file sharing.
Basically, Jeremy drew inspiration from the capability Bitcoin enabled in terms of allowing anyone to send digital currency through the internet in a decentralized and censorship resistant manner.
Because Bitcoin was limited in its utility and could not support other applications outside money transfer, a new blockchain would need to be designed to allow the allocation of metadata to transactions, as well as other features such as discovery and namespace, which eventually came to be the LBRY protocol.
Similar to HTTP which is used to route internet traffic, LBRY is a mechanism by which anyone can publish to and read information back about a static piece of data. This can be a video, document, or whatever stream of bits that applications can read from. This type of model gives power back to both users and content creators alike.
LBRY first launched as a Desktop application which required users to install software on their PC in order to take advantage of publishing and viewing content. As the need for easier access became apparent, it found its way into a web application called lbrytv, which later inspired Odysee, the most widely used web front end to interact with the network.
Host: Q2 From Twitter:
Why is Odysee important?
Guest:
That’s one of those questions where I could speak for a very long time!
To put it concisely, Odysee completely abandons the legacy model of how to operate a media platform and returns agency and independence back to the user, all the while, ensuring that the user has a greater earning potential then they would have on a legacy media platform.
What’s a legacy media platform? Think YouTube, Facebook, etc.A specific example of one of the benefits of Odysee is in how a creator no longer needs to worry about tempering their art out of fears of displeasing an out of touch moderation team or advertising
team. What’s more, is that when users receive the LBRY token, their earning potential is far greater on Odysee too — especially as more users join. Ultimately, unlike legacy media companies, Odysee doesn’t need Coca Cola or Nike to survive and pay its bills, it only needs the confidence and trust of its users. Legacy media platforms are essentially ad companies now, brokering the placement of ads over content is all they do — it’s a shame Odysee is creator first and is focused on recapturing the spirit of organic content creation vs corporatist and contrived content creation.
Host: Q3 From Twitter:
How does Odysee & LBRY compare to other YouTube alternatives, both blockchain and traditional?
Guest: The alternatives to YouTube don’t offer a lot of diversity in terms of content and they typically only offer political content from only one side of the political dichotomy. That’s cool if you’re only into that one thing, but Odysee is a generalist platform, so being able to offer diverse content across every vertical is what we focus on.
Odysee also provides creators with real earnings (of which we don’t take a cut due to the nature of blockchain transactions which don’t require an intermediary) which the others do not — that’s a big point of difference. I could go on about differences in policy and general strategy, but I’ll leave it to those here to ask additional questions on this point if they’re interested.
In terms of blockchain, the utility of the Credit is built into the core of the protocol and all functions that users interact with. The protocol allows for the Credit system to maintain a ledger of all available content and identities behind it. This means that at the core, it’s fully a decentralized and censorship resistant layer that can be built on top of by anyone. Other projects simply use their tokens as a transfer or reward mechanism, but don’t take full advantage of the blockchain technology available.
Host: Q4 From Twitter:
What does growth look like for Odysee and the LBRY Blockchain network?
Guest: Pretty good so far, and we’re just getting started. We have 25+ million users so far since we launched Odysee back in December 2020. In terms of creators, we see daily signups of channels of all sizes via our YouTube Sync program and increasingly, more creators adopting it as their primary publishing platform above YouTube!
Host: Q5 From Twitter:
How can people get started on Odysee or use LBRY in its pure form?
Guest: If you’re a content creator — we’ve made it super easy to join us and bring your entire library of content along with you without needing to manually upload everything. This is done through our YouTube sync tool. Their existing library and all future videos are automatically mirrored to Odysee within a couple of clicks.
This can be done through the signup process on Odysee or through the desktop app LBRY.
Joining as a regular user is just as easy — clicking singup via the Odysee iOS app or website, or through the LBRY desktop app will have you watching videos and earning LBRY Credits within minutes.
Host:
Now, I will take our LBank Official telegram group out of silent mode and ask our users to write their questions for 3 minutes.
In this process, you can select 5 questions from our users.
Please submit your question only 1 time! Questions you post repeatedly will not be selected!
@IsabelSides : How does Odysee intend to stand out with so many Crypto projects out there? What are the uniqueness of Odysee that make different from those?
Guest:
This is an excellent question. There are so many crypto projects that are kind of built on sand.
I think one key highlight is in the growth of Odysee. Many crypto projects are just that — crypto projects with very little appeal to a mainstream crowd. So the adoption is limited to the uptake of that same crypto community. Odysee has broad market appeal because it’s a social media product, essentially. The user data reinforces our belief that we’re doing something right here @Tuberiferous : What is the background of Odysee team? Do you think it is competent enough to run Odysee for long-term?
Guest:
We’ve got a pretty diverse team. I’m from TikTok — I helped take the product to the Australia and NZ market. We’ve got people that used to head up community for Adidas, ex people from google, lots of silicon valley guys. Plus we have team members from Africa, Thailand, India, Switzerland, etc. Not to mention we have some pretty famous YouTubers on the team too! I think we’re pretty competent :-)
@LassitModulo : As a community driven project and me a developer am interested in contributing to the project, do you have such programs
Guest: If you are a developer and want to help us build out the ecosystem, check out lbry.tech as a starting point. All our code is open source on Github and there are numerous issues and improvements which can be worked on.
@Mambotipl : Probably some projects will not be able to continue their development and will be left unfinished. Thanks to What Features can Odysee be a long-term project?
Guest: Yeah, many blockchain/crypto projects do disappear. Why I think Odysee will be here long term:
-We’ve got around 30 mil users, we’re growing really fast-We’re the largest media sharing platform in the world that’s built on blockchain. Our reputation is excellent not just in the blockchain world, but now in the whole social media space-We have a vibrant community of creators, supporters, and investors that believe in what’re we’re building and want to see Odysee dethrone youtube
@bingan1997 : Are you planning to promote your project in different countries, where English is not good? Do you have a local community ZOOT them to better understand your project?Guest: Yes, absolutely! Right now, we’re investing in people to support growth in Taiwan, China,India, South Korea, and Singapore. We’ve hired a bunch of great people to help with these scaling
efforts. At the same time, we’re trying to ensure that our fundamentals are sound before going into each new market.
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