ChangeNOW’s Giving Updates — Meet LBRY credits!
This is going to be a pretty interesting piece. ChangeNOW is constantly on the lookout for new coins to add to our service in order to make it as useful for as many people as possible. Today, we’d like to introduce to you our newest addition — the LBRY blockchain and their LBRY credits (LBC)!
You might be wondering, what is this LBRY thing?
LBRY is the first digital marketplace to be controlled by the market’s participants rather than a corporation or other 3rd-party. It is an 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.
Like Bitcoin, the LBRY blockchain maintains balances — in this case, balances of LBC, LBRY’s unit of credit. More importantly, the LBRY blockchain also provides a decentralized lookup and metadata storage system. The LBRY blockchain supports a specific set of commands that allows anyone to bid (in LBC) to control a LBRY name, which is a lot like a domain name. Whoever controls a name gets to describe what it contains, what it costs to access, who to pay, and where to find it. These names are sold in a continuous running auction.
So, to sum up:
Digital art is one of the first goods to evolve beyond scarcity. This evolution is changing the way content is discovered, publicized, paid for and delivered. Heretofore, the lack of transparency and monetization mechanisms in peer-to-peer sharing networks has largely enabled piracy. By equipping a peer-to-peer protocol with a digital currency and transparent decentralized ledger, the LBRY protocol opens the door to a new era of digital content distribution making peer-to-peer content distribution suitable for major publishing houses, self-publishers and everyone in between.
Pretty swell, right?
Here’s how you can buy LBC on our platform in 5 easy steps:
Step 1. On the ChangeNOW home page, choose a currency and enter the amount you would like to deposit. The service will automatically calculate the estimate amount of LBC you will get. Then click the Exchange button.
Below is an example of buying LBC with Ethereum.
Step 2. Enter the LBC wallet address you would like to receive your LBC in.
Step 3. Check all the information carefully and if everything is correct, click Confirm.
Step 4. After you have confirmed the transaction, send Ethereum to the generated address you will see on the screen.
Step 5. A useful bonus! The platform rewards you with NOW tokens, which give access to benefits on ChangeNOW, like special exchange rates and accelerated support.
That’s it. ChangeNOW will do the rest: find the rate and process the transaction. It probably took you more time to read this post than it did to complete the procedure!
