Why Theta Network?
With the amount of crypto currencies, various blockchains and technological advancements present in the market these days, it is often easy to lose oneself and miss some important things out. Today, we won’t be discussing some abstract theories of the modern financial system, similarities of Kepler-452b to Earth, Elon Musk’s influence on crypto communities etc., but would rather discuss some of the Theta Network’s great features and why it really is a big deal. While the article might be too trivial for Theta enthusiasts, we hope that it helps some of the newbies to better understand why they really should keep an eye on Theta altogether.
Let’s start with the basics. Theta Labs — the creator of Theta blockchain has some great minds behind it (you can investigate in more details here). The idea behind their project is fairly simple: peer-to-peer connection for video streaming bandwidth sharing. In simpler terms — sharing the blockchain users’ free bandwidth for better quality, faster connection speed and lesser load on the service provider. Sounds great, right? Not yet? Okay, just imagine the world around you and the importance of video in day-to-day life: Youtube, Twitch, Netflix, online gaming, sports broadcasts, news broadcasts, VR, business video calls… yes! All of these are directly affected by the connection speeds. In fact, as the official Theta website states, there are currently 3 main problems, namely: a) poor quality, b) sky rocketing data needs and c) centralized and inefficient systems. All these issues can be solved with wide adoption of Theta network protocols. That is why such tech whales as Google, Sony, Samsung, amongst others, have openly supported and became direct participants of the Theta network already.
If you are still not convinced — let’s continue. Most of the streaming services to this day heavily rely on a) content available to the users and b) the quality of provision of this content. Assuming that the content is overwhelming on any platform already with Netflix having over 15k+ titles available (definitely enough to suit anyone’s taste), the main issue is the availability of the content to the potential user. At this point, if a service provider wanted to cover larger area and/or have better connection they had to resource to creating more Content Delivery Network (CDN) nodes. In simple terms — more physical servers that deliver the content to the end-users. Placing more CDNs was the only solution previously, but is very costly. Moreover, in many cases, a company would weight the potential profit from placing another CDN and if it seemed economically illogical, they would simply forgo this CDN, thus leaving the potential users without it. By having a decentralized bandwidth sharing companies can not only deliver further and faster, but also get to save their precious money by not having to have more of those ‘servers’.
If you are not so much into Netflix, Youtube or Twitch (if such people still exist), then, perhaps, you would think of gaming. Although Theta aims to aid video streaming in the first place, their proposed technology is really about data delivery. It can easily be modified and adopted to decrease latency and increase general smoothness of one’s gaming experience too. VR videos and/or VR gaming? Sure thing! Spotify, Apple music or other music streaming services? Why not!
Generally speaking, the technology is not just about saving a few bucks for the service providers and making sure the users get a better connection. If the companies get to save money (streaming expenses comprise a great portion of their expenses), surely that would result in lower cost for the users too, or at least we would hope so (economics theory of free market competition suggests so too).
An additional benefit of such decentralization can result in more revenue flow back to the original content creators, as Theta states. Think of all of the hard work put into making compex, interesting and engaging videos on Youtube and receiving pennies for it due to the corresponding costs of the platform. Having higher revenue share going to the creators means more monetary incentive for original content (not that we don’t have enough Youtubers already).
But that’s not all! Theta network can even connect the most distant parts of the world, which are currently somewhat isolated — Australia, New Zealand, Africa and many urban regions of any country with poor connection. Imagine that all those people can finally access the same services as the ‘central’ parts of the world. Again, more content, more variety, more potential clients and consumers for any creator’s content. No more jokes about Australian Netflix!
How does that all sound now? Convincing and very promising, right? Exactly, that’s what we thought too. That is why we, ThetaTeeth team, have chosen Theta blockchain as our host. We truly believe that they would bring a revolution not just to video streaming, but to the Internet altogether. Any content you want at your fingertips and lower prices, while having better quality? Give me two! In fact, this idea is not new to the world, as some similarities can be traced back all the way to community networks in Africa (as early as mid 2000s: check the footnotes for more info), where not just internet, but even phone signal and coverage was shared by the means of peer-to-peer connection. Of course, it was swept away in many cases by the big phone companies moving in, yet not in every region, even to this day.
All-in-all, Theta aims to provide some if not all of the features of the next generation of the Internet. Especially with the world slowly, but steadily moving into ‘the Matrix’ with more things happening online (thanks to the pandemic too), we might soon witness a world very alike to the one described in ‘Ready Player One’.
“Most people don’t realize they will benefit from blockchain technology” — a member of our Telegram channel.
Theta community
Theta blockchain has been launched in 2019 with Theta being an erc20 token before then. It means that it is in quite an early stage of its development, although it is already one of the most promising blockchains in crypto space. Hence, its community is also at its inception of development. Its members are easily identifiable and recognisable and more independent projects appear on a weekly basis. We want to take this opportunity and to introduce you to a few influencers and great projects that we personally enjoy following.
Useful links:
Explorer of Theta blockchain with the dashboard showing the amount of nodes, total staked amount of Theta and Tfuel, price, trading volume, active wallets, etc. Simple to navigate and very easy to use.
One of the most useful websites for Theta enthusiasts that can give a lot of graphical information about transactions on your Theta wallets. If you stake (what is staking?) Theta and Tfuel, you can see what income each brought, staking income forecast, Theta/Tfuel price and so on. Moreover, if you don’t have hardware to run your nodes, you can stake your Theta and Tfuel with them! Other features include NFT viewer with information about the attributes on supported NFTs in Theta ecosystem and they recently launched their own marketplace!
It is the first independent NFT marketplace on Theta blockchain with Theta community in its heart. If any creator has an NFT idea, please reach out to them via their Discord or Twitter.
Gpool provides staking services for both Theta and Tfuel and it is run by veterans of the crypto currency space. What is quite exciting about them is that they are working on Gworld — first metaverse built on Theta Nodes, and their own TNT20 token TBill
ThetaDrop is the official NFT marketplace by Theta Network. There are a lot of outstanding NFT drops including Secret Pineapple Society and the recent NFT drop by Katy Perry.
Influencers:
Below are the influencers that we personally love very much and we think are very useful for everybody who would like to dive into the world of Theta.
BigDog1111
Alienlike
Everything Theta
Crazy4Cryptos
Robert Hartley
Sources (recommended for reading):
Why is Theta Network a Gold Mine?
Is Theta Token the Next Ethereum or the Next Dogecoin?
Is Under-the-Radar Cryptocurrency Theta Going to Make You Richer?
Map of the Community Network Initiatives in Africa
Expanding the Internet Commons: The Subversive Potential of Wireless Community Networks
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