Posted 11 months ago | by Catoshi Nakamoto
Theta is where the future of streaming video is heading and this year is going to be it’s breakout year. Let’s cut to the chase, streaming video needs Theta, badly. Streaming platforms are becoming more and more siloed and limiting on free speech. We are rooting for Theta to succeed and you should to. Why? I’m glad you asked. Because in this video we give you an update on Theta and it’s T-Fuel token.Read More
Let’s get it.
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In this video we take a look at Theta.
Theta; a blockchain-based streaming platform that is set to change how video content is distributed online. Theta is doing much more than simply decentralizing video content, or putting videos on the blockchain, they are actually innovating in ways that will solve some major problems that are preventing the streaming industry from scaling and improving user experience. Imagine that, established tech companies are going to need to use Theta’s blockchain infrastructure if they want to stream higher resolution content, stream to remote areas or protect the copyright of content creators. Oh, how the tables have turned.
In our last video on Theta, I gave an in-depth overview of how this project could help improve streaming quality and availability, but today we’re going to get into some recently announced innovations around digital rights management.
If you aren’t familiar with the term, digital rights management, or DRM, is basically just a set of tools and technologies that are used to enforce copyright online. After file sharing disrupted the music and film industries nearly 20 years ago, regulatory agencies and legacy corporations have been trying their best to keep up with the times, finding new ways to enforce the copyright protections on their content. However, most of these DRM solutions have created a bad user experience and they don’t do that great of a job either. Videos on streaming platforms are incorrectly flagged on a regular basis, while some of the worst and most dangerous offenders slip through the cracks. Obviously, this is a massive pain-point for many of the tech giants like YouTube who are forced to comply with copyright enforcement in order to stay in business.
Theta was recently awarded a patent for a game-changing technology that will solve this problem using NFTs. Look. I know that copyright and patents can ruffle some feathers in the crypto community because we take pride in our open source values. I get it. But when you do some research into the mechanics of how this will work, the user experience will actually be much better than the copyright enforcement regime that we have to put up with today. Instead of punishing its users and playing the impossible game of whack-a-mole with content creation, Theta is creating a system where there is no incentive to pirate or copy someone else’s content because you can get paid for simply watching the original version. If you pirate copyrighted material, you are only getting it for free, but when you stream on Theta, you can earn Tfuel, Theta’s gas token, just for watching, and the creator will be getting paid too. This is a better deal for everyone, and totally removes the need to pirate content in the first place. Think about it this way – getting some content for free is a pretty bad deal compared to getting paid for everything you watch.
This might sound like magic, but as you watch the streams on Theta, your excess upload bandwidth will be shared with other users. This helps the network operate the way it needs to, and allows users to earn money just for using the platform. Even though you don’t have to pay for the streams on Theta, the NFT authentication is still needed to ensure that the correct content creator is being paid by the network. There may also be some special access content that could require NFT authentication. Go ahead and authenticate yourself on the Bitsquad by hitting that subscribe button.
Theta’s new DRM system will use NFTs to verify digital ownership of all the content on its blockchain, but the patent also extends to other use-cases like ticketing for concerts and sporting events. NFTs are best known for digital collectibles and art, but this is just scratching the surface of the potential use-cases for this technology. NFTs are basically certifications of unique digital or physical items, but they can also be used as unique identifiers, showing that the holder has permission to access certain accounts, content or events. This breakthrough is going to be a key factor in Theta achieving mainstream adoption.
Huge tech and media corporations like YouTube, Twitch, Samsung and countless others have taken an interest in Theta, making investments in the platform, joining the team as advisors and sponsoring development. However, when it comes to actually moving their libraries of content onto Theta’s network, most large media companies have been sitting on the sidelines over concerns that they would not be able to properly manage copyright on a decentralized platform. With that problem solved, media organizations and content creators will be much more likely to harness the power of Theta’s decentralized network to bring a higher quality experience to their customers and fans. Since Theta has patents on these innovations, companies like Google or Amazon will be unable to copy the framework for use on their own platforms, but will need to onboard their existing customers onto the network if they want to take advantage of what this technology offers, and they really won’t have a choice if they want to offer better quality video to more areas.
The Theta team has promised that the blockchain will always be open-source to allow for full transparency and audits, but with such powerful competition in the traditional world, patents are being used as a protective measure for certain innovations, to establish a claim on the ideas before they are legally obtained by someone else. At least this way, the technology is under the control of a decentralized network of token holders instead of a single corporation. In a recent AMA, the Theta team also promised that they would not be aggressive with their patents, but they also indicated that they intend on filing hundreds or even thousands more.
In addition to their video-streaming capabilities, Theta also has an NFT marketplace that has attracted some huge names. Just this week, pop-star Katy Perry announced that she would be selling her first NFT through the Theta marketplace. Thumbs up this video if you have Titanium Hands. In their AMA last week, the team said to expect more big partnerships to be announced in the following weeks and months. Theta’s 3.0 has finally launched this week, introducing Tfuel staking and burning to the mainnet. Just like the burn mechanism in Ethereum’s EIP-1559, Tfuel will be burned with each transaction, taking a little bit out of circulation each time, Tfuel is currently an inflationary asset, since it is printed in order to pay the people who operate the network, but the new burn mechanism should counteract much of this inflation, making Tfuel more valuable. Theta will also now be allowing Linux users to run edge-nodes after the update, which should bring even more users to the network. Theta’s breakthrough patents and strong partners are setting it up for mainstream adoption, it’s only a matter of time before everyone starts catching on.
But that’s all I got, be blessed. BitBoy Out!