This is a recap regarding an article I created two weeks ago (which I then completely forgot that I wrote) so let me (re)introduce you to Theta. Not just part of the Greek alphabet, Theta is actually an interesting project which combines crypto with peer-to-peer video content distribution. It's quite beginner unfriendly so here's my brief take on how it works.
To start with, anyone can tune in to watch. Just head over to theta.tv but let me explain a little first. Anyone can visit this site and become a paid viewer. You are asked to sign-up to get a login to start accumulating theta's operating currency (known as tfuel). The first thing to know here is that tfuel earned this way can only be spent in the theta store or on subscriptions to your favourite theta streamers. At the current time, the main streamers are Nasa, The World Poker Tour and a handful of gamers. There's also usually a couple of shows per week from CryptoStache.Viewers (that's us) are encouraged to chat with stream hosts and we earn 'coins' as well as tfuel for watching. These 'coins' are used to buy tickets in 'predictions', which are small quizzes set-up by the streamers to encourage participation. Some of these streamers are obviously great people and will post predictions such as a 'free yes' (where you just click yes) or a 'free no' (just click no). These are sort of free but not. They cost 100 'coins' to enter but just watching any stream for a few minutes will net you more than 100 coins. In return for taking part in predictions, you can claim a daily reward, which could be more coins, an emote to use in chat, an increase in the cap of coins you can earn by watching or maybe something else.
The second part of Theta is called the 'edge node' which is an application you have to actually download. You will also need to set-up a wallet to use this. Setting up a node is not compulsory so if you just want to watch theta streamers and spend your earnings at their web-store that's fine. The edge node however lets you become a part of the theta network and in the process you will earn tfuel which can be traded outside the web-store. By running the node, you are helping power the network. The node allows you to turn on 'edge-caching' which uses your upload bandwidth to relay streams to other users, reducing the load on theta's own servers and in return they pay you an amount of tfuel. You can also activate 'edge compute' which gives some of your cpu resources to the network to help encode video content and also at the moment allows your spare processor power to be used for the folding@home protein folding application (currently working on Covid solutions).
Since both of these are optional, you can turn them on or off as required. I've found the node software to be responsive enough to use these features even while working so I tend to turn off the edge cache when others are in the house but leave the compute option going. It can be an issue if you are trying to run 3D games so I've now relegated my node to an old laptop. This is currently doing a great job and appears to create less heat than when I try to run Alien Worlds on it. It's also freed up my main PC which is good because there are more profitable uses for this right now, but I want to support theta as I like the concept. A lot of streamers complain about Google strikes against their account for reasons they were not aware of. For those who have chosen to stream, build up a following and work for an algorithm that requires regular content to get promoted, this can be a kick-in-the-teeth as Google frequently removes the ability for that content to generate revenue for the creator. Theta is a more decentralised approach. It's actually possible for streamers to cut-out the middleman and stream directly to other viewers.
I love this concept which is why I'm still running the node. I tent to shutdown all my equipment at night so my tfuel earnings are currently around 1 tfuel per week. At a current value of $0.30 (according to coinmarketcap.com), I'm actually running this at a loss due to the electricity costs but I can't help loving an underdog. I blame YouTube; for all the adverts they now add to their content. Their model is sooooo outdated. Brave browser has shown that our attention has value yet YouTube doesn't reward the end-viewer at all. Instead, it harvests their data and uses it to target adverts.
I would be interested to hear what streamers think about Theta. Typically, when a streamer changes platform it can be difficult for them to convince their audience to follow. Theta.tv does not have the most user-friendly interface at the moment and I'm sure I've only scratched the surface. Despite this, I am using it regularly. The daily rewards keep me going back to it just to find out what the next reward is. It's important to point out that tfuel is not Theta coin which is a shame (Theta is currently valued at $10.88 while tfuel is worth $0.29 at the time of writing). There seem to be more wallets and exchanges which support Theta coin than the token (tfuel) which those using the platform are expected to use. This may be because theta.tv is just one project and there might be others in the pipeline but it does come across as a bit of an 'Upstairs/downstairs' scenario (that's a reference to social classes for those unfamiliar with the old TV show).
As a crypto-newbie, it's good to see Theta has something going for it. There are so many cryptocurrencies now that it's hard to tell which are worthwhile. Having a major project or use helps to reinforce that there's a good reason for the crypto to exist and a reason to own it. So here's my current list of one-liner descriptions and why they might have long-term value:
Bitcoin: The original funny money now being bought-up by big finance?
Etherium: Has many legit uses (Beeple, NFT's, game tokens like ENJ)
EOS: Underpins WAXP which has a great eco-system and cheap NFT minting
Theta: Potential future YouTube disruptor
The after 2-weeks update
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So, two weeks on and how is this going? Well I'm now up to 3.05 tfuel (just under $0.88 at current prices). Obviously this is not going to be a big earner and I still think it's a shame that you don't get paid out in actual Theta coin. I haven't seen any reference to a minimum earning amount so it will be interesting to see if I get my 3+ tfuel next week. To give some idea of value, this tfuel mug is currently listed at $11 or 39 tfuel. So that's 39 weeks for a mug. Also a lot of the big ticket items do seem to be out of stock like this Playstation4 which is a mere 1,731 tfuel which would take 33 years at my current earnings rate (and it states it can only be redeemed in the USA). For 104 tfuel, you can take a gamble on a tfuel crate, if they come back in stock. There'a a chance to win 500 tfuel (about ten years earnings).
I'm sure I just need to find the right video on how to boost my earnings. I'll let you know if I find it somewhere on Theta.tv.
That's it for now
Usual disclaimers
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I'm not a doctor, legal professional or financial advisor. This article reflects my own opinions and should not be taken as financial, legal or medical advice. Do your own research and never invest anything you cannot afford to lose (including your time).
