Quarterly Credit Report: Third Quarter 2018
This quarter we moved no credits from cold storage. We spent 958,201 total community credits on line items detailed below. Under 50,000 operational credits were used for the LBRY employee LBC purchase program. 100,000 institutional credits were spent from the institutional fund as part of a new partnership with a media organization. We anticipate comparable or larger total outlays in Q4 2018. Operational spending may increase, but not significantly, and community spending is likely to be higher. We will continue to incentivize new users and other beneficial behavior, which is likely to involve 300,000 to 1,500,000+ LBC. It is also possible that LBRY will continue to explore usage of it's institutional fund.
Overview By Fund
958,201 credits were spent from the community fund, in the following areas:
As reliability and interest has been increasing, we anticipate continuing to reward new users, community contributions, and other beneficial activity. This is likely to represent no more than 1-2 million LBC.
LBRY also launched a more quantified and specific reward program for new YouTubers in Q2 2018. This is likely to represent an LBC outlay more substantial than previous programs.
- LBRY sold no LBC on the open market
- LBRY issued 38,000 LBC to employees
LBRY does not anticipate moving credits to market this quarter due to both market conditions and our favorable cash position. However, should market conditions or our needs change, we reserve the right to move credits to market as needed.
100,000 LBC spent
LBRY spent 100,000 LBC as part of a to-be-announced media partnership in this transaction. However, due to a miscommunication, these credits were from the community wallet rather than the institutional wallet. A subsequent transaction will be issued and this issue will be updated in the Q4 2018 report.