Introducing Theta cryptocurrency
What is Theta
Introducing Theta cryptocurrency:The global video streaming market is booming.
Content like podcasts movies TV and YouTube videos are all part of this 50-billion-dollar industry that’s projected to grow by 20 a year for the next decade.
The demand for higher quality streams of this content is likewise growing but so too is the percentage of users experiencing streaming issues.
This is because our current centralized video delivery systems just aren’t cutting it anymore.
To keep up with consumer’s video streaming platforms and providers need to innovate and decentralize.
One of the innovations they’re turning to is blockchain and the current leader in the decentralized video streaming space is Theta.
Theta is a cryptocurrency project that has been in the news for all the right reasons.
Over the past year Theta has made incredible strides in adoption secured numerous high-profile partnerships and has unleashed a series of updates to its protocol that could change the video streaming world forever.
Theta Updates Pt. 1
Theta is a blockchain powered decentralized streaming service developed by Theta labs a Californian tech company which has its roots in south Korea.
Theta believe that its unique design can ensure consistent high quality video streams in 4k, 8k and next generation definitions more efficiently and at a much lower cost than centralized streaming services.
Theta achieves this by broadcasting video streams using a network of local nodes which cache video data and relay streams to viewers.
To incentivize people to cache and relay video content Theta uses cryptocurrency specifically its T-fuel token to reward network participants.
The T-fuel token is used to pay for transaction fees on the Theta blockchain and can also be freely traded on multiple exchanges.
You can think of T-fuel as being Theta’s version of gas on Ethereum.
In contrast the Theta token which has been going parabolic since the flash crash in march is used for staking and governance on the Theta network.
While staking rewards on Theta are not very lucrative over 50 percent of Theta’s entire supply is currently being staked, by over 3 000 nodes spread across the globe a strong signal of support for the project.
Both T-fuel and Theta are native to the Theta blockchain which uses a multi-level byzantine fault-tolerant consensus mechanism.
The Theta blockchain is known to be incredibly efficient boasting an average transaction time of just 3 seconds and being able to handle over 1 000 transactions per second.
Theta Updates Pt. 2
2020 has been a busy year for Theta.
A launched Theta live embed which makes it possible for websites blogs and even social media platforms to stream content from Theta.tv.
Which at the time was primarily Esports.
The twist is that streamers, viewers, and the website hosting the stream would each get a third of the T-fuel generated from the stream.
Assuming that one million people watch a Theta stream this could pay anywhere between fifty to one hundred thousand dollars to the site.
And presumably a similar sum to the streamer and the viewers collectively.
The first company to integrate Theta live in bed onto their website was g-fuel an energy drink that’s popular among gamers.
In April theatre started to diversify the content on Theta.tv by adding a 24/7 poker stream in collaboration with world poker tour.
And then came the month of May.
On May the 6th Theta announced that they partnered with CoinDesk to be the exclusive streamer of consensus distributed which featured some of the biggest names in the crypto space.
The next day Theta launched the Theta.tv android app built for smart TVs.
This makes it possible for any smart TV to become a Relayer node on the Theta network to share bandwidth and optimize streams for nearby viewers.
Theta also announced that they would be making the Theta SDK they used to build the android app free for any developers to use.
Theta for Netflix, YouTube and Google
Making it easy for Netflix and YouTube to integrate the Theta protocol into their streams.
This move seems to have caught the attention of Google which officially partnered with Theta and became an enterprise validator on the Theta blockchain shortly afterwards.
That same day Theta’s mainnet 2.0 officially launched.
In addition to making improvement to the network’s performance Theta also announced that guardian nodes would be able to participate in block production.
Something which had previously been afforded only to enterprise operated validator nodes.
Now this is significant because it drastically increased the decentralization of the Theta blockchain.
Around this time Theta also partnered with MSM studios to stream classic Hollywood films on Theta.tv over the summer.
All of this news came out the same week that Samsung announced that streams from Theta.tv would be embedded into Samsung daily which is now on over 75 million Samsung phones.
By the end of May, the number of nodes on the Theta network had doubled and the price of Theta token pulled a 5x from 10 cents to over 50 cents on some exchanges.
But this was just the beginning of Theta’s Bullrun.
Building on the momentum from may Theta announced an ambitious development roadmap in June.
The most significant milestones they detailed included the introduction of smart contracts with the specific goal of managing copyrighted content on their platform and creating an oracle for their network to give transparency to content creators advertisers and publishers.
Apparently Theta wasn’t fooling around.
Because a blockchain development report by outlier ventures in June found that Theta had a 10x increase in development activity in the second quarter of 2020.
And making it the third most worked on cryptocurrency during that time.
This report must have made the rounds at Coinbase because in July they noted Theta as being one of the cryptocurrencies they were considering listing.
In August FAILARMY became Theta.tv’s first premium content partner.
Theta labs also announced that while they had enough money to continue development they would be unlocking and selling 30 million of their staked Theta tokens to add even more momentum to their growth.
And then came the month of September AKA May 2.0.
first Theta revealed that part of their accelerated momentum involved attempting to carve out a niche in the DeFi space.
To this end they noted that Theta smart contracts will be interoperable with Ethereum smart contracts.
Then in a bombshell announcement Theta shouted from the rooftops that they had secured a US patent for their decentralized streaming protocol.
In their own words quote this groundbreaking patent secures Theta network as the first and only successful blockchain based decentralized video protocol.
To top it all off Theta partnered with Chainlink to identify bad streams like the crypto scam streams we somehow continue to see here on YouTube.
In November, Theta announced the beta release of the Theta EdgeCast which is the first fully decentralized video streaming protocol.
It is built entirely on the Theta blockchain using smart contracts and not a single centralized server or centralized service is used.
Even though December has only just begun Theta has already made some other big announcements.
Theta’s December 10th upgrades are huge for the project.
If you currently hold Theta or T-fuel tokens or are a node on the Theta network fret not because these updates do not constitute a hard fork.
But what exactly is Theta going to change?
For starters it will enable smart contracts on the Theta blockchain a feature that’s been in development for months.
Theta and Ethereum
Theta smart contracts will be interoperable with Ethereum smart contracts and both Theta labs and members of the Theta community are currently building DEXs staking pools and other DApps that will be going live on Theta in the coming weeks and months.
Theta will also have its own fungible and non-fungible token standards meaning it will be possible to create new assets and NFT collectibles on Theta.
Now this is significant given that Theta is firmly plugged into the Esports space.
Now many of you will know that interacting with decentralized applications requires a browser wallet extension like MetaMask.
As such Theta has also developed a browser plugin that looks awfully similar to MetaMask and will serve as the one-stop shop for everything Theta.
Not only will you be able to mint new tokens using Theta’s new wallet extension you’ll even be able to use theater’s existing web wallet to easily create new smart contracts.
To keep track of all these new assets and smart contracts Theta has also revamped the Theta blockchain explorer.
Which they’ve modeled after the popular Ethereum blockchain explorer etherscan.io.
Last but certainly not least Theta has lowered the stake required to become a guardian validator on their network from 10 000 Theta tokens to just 1 000 Theta tokens.
This is part of Theta’s continual effort to further decentralize the Theta ecosystem which Theta labs hopes to eventually turn into a decentralized autonomous organization run by its community.
Now speaking of someday what exactly does Theta have planned going forward and how will it affect the price of the Theta token?
Theta & T-fuel Analysis
This leaves us with the question of the hour what will happen to the price of Theta and T-fuel?
Analyzing Theta and T-fuel are two very different things because Theta and t fuel have very different tokenomics and use-cases.
As mentioned earlier Theta is used for staking and governance whereas T-fuel is used to pay for transactions on the Theta blockchain is earned by Theta stakers and is also given to viewer’s content creators and even to websites hosting Theta-based streams.
Starting spring 2021 T-fuel will also be stakeable and will see some amount of burning for network fees.
As you can imagine all this T-fuel stuff requires a certain kind of tokenomics that isn’t entirely friendly to price action.
While Theta has a maximum supply of 1 billion T-fuel has an initial supply of 5 billion and is also inflationary.
T-fuel inflation does not seem to have begun yet but once it does its supply will increase at a rate of around 5 per cent per year or more if required by the Theta network.
What’s worse is that Theta staking rewards are low compared to other cryptocurrencies yielding only one percent per year which is ironically good news for T-fuel.
Unfortunately, the introduction of T-fuel burning in 2021 will likely not be enough to offset the inflation the token will experience.
Moreover, since T-fuel is a staking reward this means that there will always be a much higher degree of cell pressure for the T-fuel token than the Theta token.
Lowering the staking threshold from 10 000 to 1000 Theta might be enough to tempt people to buy Theta and participate on the network.
While there doesn’t seem to be a lockup period for the Theta token.
More importantly we’re at the beginning of the next crypto Bullrun.
Theta emerged well after the end of the previous bull run and only became its own independent token in 2019.
Although this makes it hard to predict how high Theta could go the absence of any previous resistance makes me believe that the sky is the limit for Theta during this Bullrun.
Decentralized video streaming is a very promising use case and it’s a technology that video streaming providers are going to need whether they want it or not.
The video streaming market is growing at an impressive speed and as giants like YouTube continue to add barriers to content creators the demand for a functional high quality video streaming platform will only continue to increase.
Theta is the current leader in blockchain-based decentralized video streaming.
Over the past year it’s made incredible progress in terms of development and adoption.
Theta streamed one of Coindesk’s largest events ever.
Theta partnered with google which is now an active participant on Theta’s network.
Theta.tv became available on over 75 million Samsung phones.
Theta cut a deal with MGM studios.
Theta signed on fail army as their first premium content creator.
Theta partnered with changling to stop those stupid YouTube crypto scams.
Theta made it possible for websites to embed Theta.tv streams and earn cryptocurrency.
Theta launched EdgeCast the first fully decentralized video streaming platform.
Theta successfully acquired the first blockchain patent for a decentralized streaming protocol in the US.
The Theta network has over 3 000 network nodes spread around the globe and now it has smart contracts that are interoperable with Ethereum and a web wallet plug-in opening the door to DeFi and these are only the highlights.
Theta’s 3.0 main net is now on the horizon just in time for the cryptocurrency bull market.
The price action of the Theta token has consequently gone through the roof and is looking increasingly more positive by the day.
The T-fuel token is also pumping even though it has some pretty dismal tokenomics.