LBRY’s Last Stand: A Bittersweet Farewell to a Blockchain Pioneer

The End of the Road for LBRY Inc.

In an emotional farewell, LBRY Inc., the creators of the much-discussed LBRY blockchain, has announced it is winding down operations due to insurmountable debts, estimated at several million dollars. The unfortunate news came in a post dated October 20, where the team expressed gratitude to its community for their support in the fight for online freedom.

What Went Wrong?

The troubles began with a hefty legal battle against the SEC, which, after an arduous fight, resulted in a judgment against LBRY. They faced a request for a $22 million penalty that got trimmed down to $111,000, as the firm simply couldn’t foot the original bill. In a stunning twist, the company had announced an appeal in September, but now, that hope has also been dashed. “LBRY Inc. must die, there is no escaping this,” the team lamented.

The Community’s Support

In the wake of this news, the crypto community has rallied to express their appreciation for what LBRY set out to do. Social media was flooded with messages from users praising the blockchain as one of the most groundbreaking platforms in its category. One user thanked LBRY for putting up a ‘good fight,’ underscoring the sentiment that the company will not soon be forgotten.

Words of Appreciation

• “Thanks for creating LBRY. It’s one of the most useful blockchain apps out there.”

  — A grateful user.

The Future of the LBRY Network

Despite the demise of LBRY Inc., the LBRY network itself is set to remain operational. As a decentralized and open-sourced platform, it will continue functioning as long as its community supports it. With 5.3 million unique users reported between January and April 2023, the future for Odysee, another asset in the LBRY portfolio, seems bright even amidst the company’s fallout.

A Journey Worth Taking

The sentiment surrounding LBRY’s closure is one of bittersweet nostalgia. Former CEO Jeremy Kauffman reflected, “It wasn’t a happy ending, but it was a happy journey,” a statement that captures the essence of a venture that fought valiantly against formidable odds. It’s a poignant reminder that sometimes the journey is more significant than the destination.