Theta is an open source protocol specially developed for the decentralized streaming network and enables vertical decentralized apps (dApps) to be built on the platform for e-sports, music, TV / films, education, corporate conferences, peer-to-peer enable -to-peer streaming and more.
Today Wes Levitt from Theta Labs caught up Kryptonites Host Alex Fazel for an online face to face on all topics crypto, blockchain, Theta’s future, NFTs, the usefulness of DeFi protocols and much more.
Wes takes care of corporate strategy, marketing and public relations at Theta Labs. Prior to that, he spent eight years in investment positions at real estate company Mosser Capital and mortgage real estate company Redwood Trust. Wes is a CFA charterholder, holds a BS in Economics from the University of Oregon and an MBA from the Haas School of Business at the University of California, Berkeley.
Levitt started off with a little bit about what primarily interested him in the blockchain, away from a comfortable job in traditional finance. “I don’t think there is a specific thing. You’ve seen all of these different groups from the business people who wanted to get into it to the computer scientists who said it actually means a lot from a tech point of view … like everyone sees the potential of it, “he shared.
Statement by Thetas TFUEL
Theta Network has two tokens – THETA and TFUEL– that work with its protocol and allow users to interact with it. And while theta fans may know they are fully functional, the newcomers might know one a little bit confused.
But Levitt has a simple explanation for how they both work: “The two tokens are these core tokens. The staking token is native to the data block chain data. THETA is a proof-of-stake blockchain, technically a partial BFT variant. And then Theta Fuel or TFUEL is, so to speak, the transaction or gas currency of the protocol. “
He added, “Everything that happens between you and me is watching the same video stream and I am sharing videos with you. Underlying the protocol, you pay me micropayments and TFUEL.
“Pretty much everything, except staking out everything that happens as a transaction on the blockchain, is TFUEL. The value of this, you know, pretty clearly, if you’ve ever used Ethereum, is that it’s the gas that makes everything work and what rewards validators, ”Levitt said.
“The value to theta is that if you commit, participate in block production, you will earn THETA tokens as a reward as the protocol evolves,” he concluded.
So many NFTs
NFTs have become a big topic in the crypto marketplace, having recently grown from a small market under $ 100 million in 2019 to a market cap of $ 25 billion. But since sales are already falling, everyone is concerned with the one question: What will happen to the development of the NFT market?
Ask Levitt and he’ll say the game is just beginning. He adds that NFTs are theirs own There are different types these days, and some may thrive more than others as the market evolves.
“It depends a lot on what types it is because it kind of seems to be generalized, [as] there are a couple of different ones, ”says Levitt.
He notes, “There are your collectible pieces of art that were given to you by Christie’s. It’s like tokenizing a million dollar artwork or more. Then there are others who are more like what we do with WPT or NBA top shots where it’s specifically as part of video content, tokenization or like the streamers we have on our platform like an esports streamer who has a moment that you want to capture and symbolize. “
“We definitely rely more on it because video streaming is in our DNA, so to speak. So that makes sense to us. And our relationships with streamers and content companies, you know, let us right into what they like. I think it will definitely be different shapes, ”he adds.
However, there is a certain amount of skepticism. “Aside from a few crazy hype, things like a $ 50 million NFT, there’s probably a little bit of marketing craze going on. But the value is definitely there. Because we see everyone on all sides of the market wanting to get involved, content creators wanting, NFT users wanting, ”he concludes.
(Check out the rest of Levitt’s thoughts on crypto, NFTs, Theta Network Alpha, and more in the Cryptonites episode available to stream right below!)
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