What exactly is Theta? Part of a new fraternity or sorority? No.
The 8th letter of the Greek alphabet? Yes, but…
We’re talking about something that could change video streaming as we know it, something that could make you rich, and/or something that you should definitely learn more about.
It’s not a cryptocurrency. It’s a utility token.
The Theta token (THETA) is used on the decentralized Theta Network that seeks to improve inefficiencies associated with video streaming and delivery.
Theta’s main idea is to decentralize video streaming, data delivery and edge computing, making it more efficient, cost-effective and fair for participants. Users can share bandwidth and computing resources on a peer-to-peer (P2P) basis (to utilize their unused bandwidth).
The Theta network runs on a native blockchain with two native cryptocurrency tokens.
- Theta (THETA)
- Theta Fuel (TFUEL)
As Steve Chen, co-founder of YouTube (and adviser to the Theta Network) said, “I’m excited to be part of the next evolution of the streaming space, helping Theta create a decentralized peer-to-peer network that can offer improved video delivery at lower costs.”
Our friend, Bix Weir, talks a lot about Theta and is a big proponent of it. In his words, “I’m a Theta fan boy!” So, who better to ask about Theta than him? We get to hear from the ultimate Theta advocate.
Bix learned about Theta early. He actually signed up for the ICO that was originally planned, but the Theta team decided not to launch due to regulatory issues. Instead in 2017, the Theta Network hosted a private token sale to kickstart the project.
He made his first purchase of Theta when it was at 12 cents. He says it went up pretty quickly to 20 cents, but then dived to 4 cents, which prompted him to research it more to determine if this was (1) something worth staying invested in or (2) something to invest more in. He says he spent 6 months really studying it to figure out his next move related to Theta.
(For a reference point, Theta is $6.51 on July 7, 2021. It has a current market cap of more than $6.5 billion making it the 18th largest cryptocurrency.)
What did he decide? Surely you can guess due to his “fan boy” status.
Upon taking a closer look, he found it had the use case and partnerships that he thought were important. He says, “The ‘bad guys’ and the ‘good guys’ both need this to work due to the clogging of broadband happening.”
So…what’s so great about Theta?
- It has “real world and unique utility.”6
- The Theta Network team has 4 patents, which is key to being successful in this space.
- It has smart contract capabilities.
- It’s a simple solution to a huge problem (the need for the expansion of broadband).
- Viewers get rewarded with better quality streaming services.
- Content creators improve their earnings.
- Users have an incentive to both watch network content and share network resources with rewards in the form of TFUEL tokens.
- It’s programmed in the same language as Ethereum, but it’s not a competitor to Ethereum (helpful for developers who know Ethereum).
- The World Poker Tour (WPT) and the Theta Network launched the world’s first real-time NFT (Non-fungible token) marketplace in April 2021. (As Bix said, “they are a pioneer in the NFT space.”)
As of today, you can’t purchase Theta (THETA) or Theta Fuel (TFUEL) on U.S. exchanges. If you want to purchase THETA, you must use a partner like Caleb & Brown or use a VPN to purchase it from an exchange based in a different country.
Is this a good thing? Who knows? But various sources indicate that it will likely be available on the big exchanges, like Coinbase, Gemini and Kraken very soon. And Bix believes that once people are able to easily buy it, buy it they will!
The Theta team has been staying below the radar – on purpose. They have been busy building partnerships with big players and companies like Samsung, Google, Sony, Lionsgate and more.2
It’s also worth mentioning that Bix is not affiliated with Theta nor does he have any partnerships with them. He prefers to be an unbiased advocate and still considers it to be the “best use case of any cryptocurrency out there.”
Theta’s price will likely continue be volatile, much like other cryptocurrencies, but it seems to have a lot of potential.
Invest or not to invest in Theta? That is the question. As usual, do your own research, and never invest more than you can lose.
IF you’re going to invest, you may not want to wait too much longer. It has a limited supply (1 billion coins) – all of which are in circulation now – and nearly 65% of it has already been staked. Just sayin…
(This is not financial advice. 😊)
|Other Ways to Get Involved in the Theta Network |
Download the latest tools to participate in the Theta Network.
– Theta Guardian Node: Earn TFUEL by staking THETA.
– Theta Edge Node: Earn TFUEL by catching popular streams.
Access the various downloads and/or learn more on the Theta Network’s website: https://www.thetatoken.org/
- Phone Interview with Bix Weir on July 6, 2021
- https://www.nasdaq.com/articles/is-theta-token-the-next-ethereum-or-the-next-dogecoin-2021-05-16 (Good quote: “Many in the industry do not view Theta as a competitor to other video streaming sites, but instead as a way to improve the plumbing behind the system, lowering the cost of streaming.”)
This article was published on July 7, 2021, on Bitcoin Ben’s website (http://bitcoinben.io).
Kelly Wisness-Semchee has spent 20+ years in marketing and communications for various companies, including 13 years in healthcare specifically. She holds a bachelor’s degree in Public Relations and an MBA. Kelly has been married to “Bitcoin Ben” for nearly 12 years. They reside with their fur babies “Litecoin” Little and Lacie and daughter Alexa in the St. Louis area. Learn more at https://www.linkedin.com/in/kwisness/.
Copyright © 2021 by Kelly Wisness-Semchee