CryptoSlate lately had the chance to speak with Theta’s Head of Technique, Wes Levitt. Theta is making a extra environment friendly, decentralized community for delivering video and different information between linked units.
Wes Levitt is Head of Technique for Theta Labs, the place he works on company technique, advertising and marketing and press relations, and analytics. He has been a speaker on blockchain subjects at conferences just like the New York Media Pageant, Blockchain Join, and NAB Streaming Summit amongst others. Previous to becoming a member of Theta Labs, Wes spent eight years in funding roles in actual property fairness and securitized debt. He holds a BS in Economics from the College of Oregon and an MBA from UC-Berkeley Haas College of Enterprise.
What’s the skilled background of the Theta founders and what’s their earlier expertise in crypto?
Theta CEO Mitch Liu has an intensive background in media and gaming. He co-founded Gameview Studios greatest recognized for its Faucet Fish cellular recreation franchise with practically 100 Million downloads. The corporate was acquired by DeNA, a number one Japanese cellular gaming firm inside 6 months of launch. Previous to that, he co-founded Tapjoy in 2007, a pioneer of rewarded social and cellular video promoting, and grew that firm to $100MM in revenues.
He obtained a BS in Laptop Science & Engineering from MIT, accomplished his thesis analysis at MIT Media Lab “Interactive Cinema” video group and obtained an MBA from Stanford Graduate College of Enterprise.
CTO Jieyi Lengthy leads the Theta Labs technical group and developed a number of U.S. patented applied sciences associated to decentralized information streaming and reside VR streaming. Previous to Theta Labs he served in senior technical roles at MadSkill Sport Studios, Synopsys, and Magma Design Automation. He obtained a B.S. diploma in Microelectronics from Peking College in Beijing, China. He additionally obtained a Ph.D. diploma in Laptop Engineering from Northwestern College in Evanston, IL the place he performed analysis in mathematical modeling and algorithms to optimize distributed electronics methods.
What issues is Theta fixing?
Theta is making a extra environment friendly, decentralized community for delivering video and different information between linked units, which reduces the price of supply for video platforms and improves their backside line. The introduction of token rewards for finish customers additionally drives larger consumer engagement, longer watch instances, and extra recurring visits which all result in larger market share.
How many individuals are engaged on Theta and the place is the group positioned?
There are at present 25 folks at Theta Labs, primarily in San Jose / Bay Space, in addition to satellite tv for pc workplaces in Seoul and Amsterdam.
Aside from digital collectibles, what’s Theta’s long-term outlook for NFTs? What extra use instances will emerge that haven’t been applied but?
We see an enormous alternative within the connection of NFTs with real-world objects and occasions. A number of the crypto streamers releasing NFTs on Theta already are tying their NFTs to one-of-a-kind experiences and offline objects which will likely be introduced shortly.
Additionally, with the easing of Covid restrictions, we’re very excited in regards to the return of reside occasions, and the way NFTs can be utilized for ticketing – an enormous enchancment as a result of NFT linked tickets are simply transferrable, but are provably genuine and scarce.
What’s the strategic benefit of partnering with Sony Europe?
Sony Innovation Fund was an early investor in Theta Labs, so we have now been discussing potential collaborations for a while now. As Sony Europe’s R&D Lab began specializing in blockchain know-how, it made sense to work collectively to bolster the safety and consensus of Theta blockchain with the launch of their Theta Validator Node.
What does the Lionsgate and Cinedigm partnership imply for the way forward for Theta?
It’s essential that main manufacturers and enterprises get expertise within the blockchain house, and these partnerships are sometimes the primary steps for them to do this. As Theta onboards extra of those key companions, the protocol is growing a popularity because the blockchain that’s purpose-built for media and leisure and will be the suitable first step into the blockchain house for an organization.
What are a number of the technological benefits of the Theta blockchain? Is it constructing upon any present blockchain frameworks?
Theta is primarily new code constructed from the bottom up, although it does incorporate some design parts from the Tendermint consensus. Constructing on that base, Theta’s multi-BFT consensus mannequin balances a big group of three,500+ community-run Guardian Nodes with a core group of Enterprise Validator Nodes, run by teams like Google Cloud, Sony Europe, Samsung Subsequent, and Blockchain Ventures. This enables quick consensus among the many validator set, however with out sacrificing decentralization as transactions are finalized among the many bigger permissionless Guardian Node set.
Theta has additionally made nice strides in ultra-high-throughput blockchain micropayments to facilitate decentralized networks, for which it has been awarded several U.S patents.
What are the challenges of constructing a purpose-built blockchain? How will Theta obtain decentralization of its utilization and governance?
One problem is compatibility with different blockchains. Launching a brand new ERC20 token is comparatively straightforward because the infrastructure is already absolutely in place for Ethereum-based tokens; for Theta, we needed to construct a lot of it out ourselves. That has taken time however is now largely full, and was aided by the truth that Theta makes use of comparable cryptography and is EVM-compatible, which for instance means any Ethereum good contract can run on Theta blockchain with none code changes.
What are you able to inform us in regards to the Theta product roadmap? What will likely be a very powerful upgrades of the Theta mainnet Three improve?
The most important change for Mainnet 3.zero is the introduction of Elite Edge Nodes, a stronger, extra sturdy community of nodes to ship decentralized video streams. These nodes will permit customers to stake TFUEL tokens and earn extra TFUEL as a reward for having excessive uptime and community availability. This extra incentive is meant to drive bigger numbers of always-on Edge Nodes that may make the Theta Community simpler for video supply.
What’s the utility of the Theta token?
Theta Token (THETA) is the governance token of the Theta protocol. THETA is used to stake as a Validator or Guardian node, contributing to dam manufacturing and the protocol governance of the Theta Community. By staking and operating a node, customers will earn a proportional quantity of the brand new TFUEL generated. The provision of THETA is mounted at 1 billion and can by no means improve.
Theta Fuel (TFUEL) is the operational token of the Theta protocol. TFUEL is used for on-chain operations like funds to Edge Node relayers for sharing a video stream, or for deploying or interacting with good contracts. Relayers earn TFUEL for each video stream they relay to different customers on the community. You may consider Theta Gas because the “fuel” of the protocol. There have been 5 billion TFUEL at genesis of Theta blockchain, and the availability will increase yearly at a hard and fast share set on the protocol degree.
The place do you see the Theta ecosystem over the subsequent few years? What would be the main milestones?
Within the subsequent few years, we see Theta evolving to function a decentralized supply community for any information kind. We expect there are plenty of alternatives in relaying of recreation patches, OS updates, and different file varieties the place there are the suitable community traits for peer-to-peer networks like Theta. You’ve many concurrent customers downloading these information concurrently, typically thousands and thousands at a time, which is right to create excessive peer availability for p2p networks.
What’s one of the simplest ways for these to be taught extra about Theta?
The easiest way is to begin with our Theta Documentation and GitHub, and to observe us on social channels right here:
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